12. You borrow $20,000 to be repaid in 12 monthly installments of $1,833.60. The annual interest rate is closest to a. 2 percent. b. 12 percent. c. 18 percent. d. 24 percent. 13. Which of the following features, or benefits, belong to a firm's common stockholders? a. limited liability b. ownership of the firm c. voting rights d. all of the above 14. What is the effective annual cost of not taking advantage of the 2/10, net 60 terms offered by a supplier? Assume a 360 day year. a. 7.27% tb. 9.82% c. 12.38% d. 14.69% 15. The trade-off in risk and return when managing a firm's working capital refers to the trade-off between the firm's: a. liquidity and profitability b. debt and equity c. sales and cost of goods sold d. beta and expected return