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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. 1- What would

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

1- What would the effective rate of interest be on a 20-day loan at an interest charge of $400?

2- What would the effective rate of interest be on a 20-day discounted loan with a required discount of $320?

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