Solved: Advantage of the discount terms offered by frugal, Accounting Basics

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Advantage of the discount terms offered by frugal

Problem:

Scrimpy Corporation buys materials from Frugal Enterprises. Frugal offers discount terms of 2/10, net 30. Assuming a 360-day year, what is the annual percentage rate associated with Scrimpy's failure to take advantage of the discount terms offered by Frugal?

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Accounting Basics: Advantage of the discount terms offered by frugal

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