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GFOA Exam CPFO Topic 12 Question 96 Discussion
Actual exam question for
GFOA's
CPFO exam
Question #: 96
Topic #: 12
[All CPFO Questions]
Topic #: 12
Assume an invoice with credit terms of 2%/10, net30. The interest charge is 2% of $1000, or $20; the principal is $980; and the days of principal borrowed are the 20 days of credit. What is the interest rate offered if the discount is taken?
Suggested Answer:
D
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