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Problem 12: Explain the following terms: 2/10, n/30 3/15, n/60 n/40 What is the effective rate of interest you will pay if you do not

Problem 12:

Explain the following terms:

2/10, n/30
3/15, n/60
n/40
What is the effective rate of interest you will pay if you do not take advantage of the cash discounts described?

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