(Answered) Cost of trade creditif a firm buys under terms of 115 net

Finance

Cost of Trade Credit

If a firm buys under terms of 1/15, net 45, but actually pays on the 20th day and still takes the discount, what is the nominal cost of its nonfree trade credit? Assume 365 days in year for your calculations. Do not round intermediate calculations. Round your answer to two decimal places.

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