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Slipshod Machine Tool Company owes $40,000 to one of its suppliers. The supplier has offered a trade discount of 2/10, net 30. WHAT IS THE

Slipshod Machine Tool Company owes $40,000 to one of its suppliers. The supplier has offered a trade discount of 2/10, net 30.

WHAT IS THE COST OF FAILING TO TAKE THE DISCOUNT? Enter your answer in this format: 22.44

ANSWER=

Slipshod Machine Tool Company owes $40,000 to one of its suppliers. The supplier has offered a trade discount of 2/10, net 30. Slipshod can borrow from First City Bank for 20 days at an interest charge of $400.

WHAT IS THE EFFECTIVE RATE OF INTERST ON THIS LOAN? Please enter your answer:

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