If an invoice indicates that interest at the rate of 0.69% per month will be charged on overdue amounts, what effective rate of interest will be charged? (Round your final answer to 2 declmal places.) Effective rate

If an invoice indicates that interest at the rate of 0.69% per month will be charged on overdue amounts, what effective rate of interest will be charged? (Round your final answer to 2 declmal places.) Effective rate

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 22PROB

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If an invoice indicates that interest at the rate of 0.69% per month will be charged on overdue amounts, what effective rate of interest
will be charged? (Round your final answer to 2 declmal places.)
Effective rate
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