Assigned Problem 2 Suppose one of the suppliers to Seattle Health System offers terms of 3/20, net 60. a. When does the system have to pay its bills from this supplier? b. What is the approximate percentage cost of the costly trade credit offered by this supplier? (Assume 360 days per year.) ANSWER 60 days for the system to pay its bills. Discount percent Days credit received Days of free trade credit Periodic cost of trade credit Number of discount periods per year Approximate % cost