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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.If Skilantic fails to take the discount and pays on the 40th day, what effective rate of annual interest is it paying the vendor? If Skilantic fails to take the discount and pays on the 40th day, what effective rate of annual interest is it paying the vendor? A. 2% B. 24% C. 24.49% D. 36.73% |