Question

A cash discount of 1/15, N/30 (1 percent cash discount if payment is made in 15 days, with the gross amount due in 30 days) is the equivalent of what approximate interest rate? 24 percent. 30 percent. 36 percent. 45 percent. 54 percent.

Name: a cash discount of 115 n30 1 percent cash discount if payment is made in 15 days with the gross amount due in 30 days is the equivalent of what approximate interest rate 24 percent 30 percen 87607
Uploaded: 2023-03-25T17:29:25-08:00
Duration: 2 min 59 s
Channel: Sri K
Description: a cash discount of 115 n30 1 percent cash discount if payment is made in 15 days with the gross amount due in 30 days is the equivalent of what approximate interest rate 24 percent 30 percen 87607

          A cash discount of 1/15, N/30 (1 percent cash discount if payment is made in 15 days, with the gross amount due in 30 days) is the equivalent of what approximate interest rate?
24 percent.
30 percent.
36 percent.
45 percent.
54 percent.

Added by William C.

Horngren’s Cost Accounting

Srikant M. Datar, Madhav V. Rajan 16th Edition

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Solved by Expert Sri K

03/25/2023

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A cash discount of 1/15, N/30 (1 percent cash discount if payment is made in 15 days, with the gross amount due in 30 days) is the equivalent of what approximate interest rate? 24 percent. 30 percent. 36 percent. 45 percent. 54 percent.