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Bania Manufacturing sells on terms of 2/10, net 30 . Total annual sales are $8,750,000.40% of the customers pay on the 10 th day and
Bania Manufacturing sells on terms of 2/10, net 30 . Total annual sales are $8,750,000.40% of the customers pay on the 10 th day and take discounts, 40% pay in 30 days and the remaining customers pay, on average, 55 days after their purchases. What is the nominal cost of trade credit to those customers that pay 55 days after their purchases
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