A. This answer is incorrect. See the correct answer for a complete explanation.
B. This answer is incorrect. See the correct answer for a complete explanation.
C. This answer is incorrect. See the correct answer for a complete explanation.
D. This question is solved using the following formula:
360 Discount %
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Total Period for Pmt - Per for Discount Pmt 100% - Discount %
Inputting the information into the question we get 24.48%, as follows. [360 × .02] / [(45 - 15) × (1 - .02)]
