Bowman Corporation has just received an invoice. The terms are 2/10, net 30. The total amount of the invoice is $3,000. What is the interest rate for the 20 day period?

Multiple Choice

• 1.5698%

• 1.8848%

• 1.8905%

• 2.0408%

• 2.4808%

Bowman Corporation has just received an invoice. The terms are 2/10, net 30. The total amount of the invoice is $3,000. What is the effective annual rate for this transaction?

Multiple Choice

• 2.0408%

• 4.0816%

• 18.25%

• 34.55%

• 44.58%