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Assume the credit terms offered to your firm by your suppliers are 3/20, net 30. Calculate the cost of the trade credit if your firm

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Assume the credit terms offered to your firm by your suppliers are 3/20, net 30. Calculate the cost of the trade credit if your firm does not take the discount and pays on day 30. (Hint: Use a 365-day year.) The cost of trade credit is %. (Rounded to two decimal places.)

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