36) Mickey tells us that The Mouse House Hotel has just purchased a new pizza oven that bakes cheese inside the pizza crust. The cost of this piece of equipment is $300,000 and the vendor has offered terms of 2/10, n/30. What is the effective interest rate of the cash discount? Assume 365 days in the year.

Hint: Effective Interest Rate = Cash Discount X Days in Year

Invoice Amount Cash Discount Difference Between End of Discount Period and Final Due Day

Group of answer choices

15.1%

18.4%

21.5%

37.2%