Annual Percentage Discount Rate
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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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This solution shows the steps for calculating the annual percentage rate in the given problem.
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Annual percentage rate of cash discount = % discount/(100-% ...
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