As a jewelry store manager, you want to offer credit, with interest on outstanding balances paid monthly.
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As a jewelry store manager, you want to offer credit, with interest on outstanding balances paid monthly. To carry receivables, you must borrow funds from your bank at a nominal 9%, monthly compounding. To offset your overhead, you want to charge your customers an EAR (or EFF%) that is 3% more than the bank is charging you. What APR rate should you charge your customers?
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Here you want to have an effective annual rate on the credit extended that is 3 more than what ...View the full answer
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Related Book For 
Fundamentals of Financial Management
ISBN: 978-1305635937
Concise 9th Edition
Authors: Eugene F. Brigham
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