Effective Rate and Accounts Receivables 1. The terms of trade are 2/15 net 60. What is the APR? What is the effective rate of forgoing the cash discount. 2. The terms of the sale were 1/7, net 21. What is the APR? What is the effective rate of forgoing the cash discount. 3. ABC Company sells 3,500 units of its product each year at a price per unit of $275. All sales are on credit with terms of 1/7, net 30. The discount is taken by 40 percent of the customers. 1. What is the average collection period? 2. What is the Accounts Receivable Turnover? 3. What is the amount of the company's accounts receivable ? Also upload your excel files showing your work.