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Stine Company purchased merchandise with an invoice price of $2,000 and credit terms of 2/10,n/30. Assuming a 360 day year, what is the implied annual

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Stine Company purchased merchandise with an invoice price of $2,000 and credit terms of 2/10,n/30. Assuming a 360 day year, what is the implied annual interest rate inherent in the credit terms? a. 20% b. 24% c. 36% d. 72%

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