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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

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%

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