Question: You owe a $ 3 3 , 0 0 0 invoice with terms of 2 . 5 / 1 0 , n / 3 0

You owe a $33,000 invoice with terms of 2.5/10, n/30.(Note: 2.5 means 2.5% discount.) What is the effective interest rate paid if payments are made on 30 th day after the invoice date?

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