Accounts Payable A chain of appliance stores, APP Corporation, purchases inventory with a net price of $350,000 each day. The company purchases the inventory under the credit terms of 1/15, net 35. APP always takes the discount but takes the full 15 days to pay its bills. What is the average accounts payable for APP? Round your answer to the nearest dollar. Effective Cost of Trade Credit The D.J. Masson Corporation needs to raise $300,000 for 1 year to supply working capital to a new store. Masson buys from its suppliers on terms of 2/10, net 70, and it currently pays on the 10th day and takes discounts. However, it could forgo the discounts, pay on the 70th day, and thereby obtain the needed $300,000 in the form of costly trade credit. What is the effective annual interest rate of this trade credit? Assume a 365-day year. Do not round intermediate calculations. Round your answer to two decimal places. %