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A merchant receives an invoice for a motor boat for $20 000 with terms 4/30, n/100. What is the highest simple interest rate at which he can afford to borrow money in order to take advantage of the discount? | |
A. | 247.67 [Correct Answer] |
B. | 237.67 [Wrong Answer] |
C. | 227.67 [Wrong Answer] |
D. | 215.67 [Wrong Answer] |