As manager ofFly-by-Night Airlines, you decide to allow customers 90 days to pay their bills. To encourage earlypayment, though, you allow them to reduce their bills by 2.5% if they pay within the first 11 days. At what implied effective annual interest rate are you loaning money to yourcustomers? What if you extend the discount to 76 days and allow full payment up to 180 days?

At what implied effective annual interest rate are you loaning money to yourcustomers?

Please help work through this problem. I have pulled up other examples and cannot figure out the flow and need to learn for my test