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everett entertainment wants to offer credit to its customers, with interest on outstanding balances paid quarterly. To carry receivables, everett must borrow funds from their
everett entertainment wants to offer credit to its customers, with interest on outstanding balances paid quarterly. To carry receivables, everett must borrow funds from their bank at a noniminal 12%, monthly compounding. To offset their overhead, everett wants to charge its customers an EAR that is 6% more than the bank is charging them. What APR rate should everett charge its customers?
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