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| Skilantic Company needs to pay a supplier’s invoice of $60,000 and wants to take a cash discount of 2/10, net The firm can borrow the money for 30 days at 11% per annum plus a 9% compensating balance.Assuming Skilantic borrows the money on the last day of the discount period and repays it 30?days later, the effective interest rate on the loan is Assuming Skilantic borrows the money on the last day of the discount period and repays it 30?days later, the effective interest rate on the loan is A. 11% B. 10% C. 12.09% D. 9.90% |