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Business, 01.12.2020 17:20 deijiahshatia

A store will give you a 2.75% discount on the cost of your purchase if you pay cash today. Otherwise, you will be billed the full price with payment due in 1 month. What is the implicit borrowing rate (effective annual interest rate) being paid by customers who choose to defer payment for the month? What is the effective annual rate?

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A store will give you a 2.75% discount on the cost of your purchase if you pay cash today. Otherwise...

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