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Assume the credit terms offered to your firm by your suppliers are 4/15, net 60. Calculate the cost of the trade credit if your firm

Assume the credit terms offered to your firm by your suppliers are

4/15,

net

60.

Calculate the cost of the trade credit if your firm does not take the discount and pays on day

60.

(Hint: Use a 365-day year.)

The cost of trade credit is

enter your response here%.

(Rounded to two decimal places.)

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