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A company purchased merchandise inventory at a cost of $8500 with credit terms 2/10, net 60. If the company borrows $8330 to pay for the purchase on the last day of the discount period and pays the loan plus interest in the amount of $8466.93 on the last day of the credit period, what is the interest rate for borrowing money from the bank?

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Accounting Basics, Accounting

Category:- Accounting Basics
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