For the year just ended, ZZZ Best had an average of $100,000 in accounts receivable. Credit sales
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- For the year just ended, ZZZ Best had an average of $100,000 in accounts receivable. Credit sales were $700,000.Best's factors its receivables by discounting them 4 percent. What is the annual percentage rate and effective interest rate on this source of short-term financing?
Related Book For
Financial Management Principles and Applications
ISBN: 978-0134417219
13th edition
Authors: Sheridan Titman, Arthur J. Keown, John H. Martin
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