Calculate the effective cost of the following trade credit terms when payment is made on the net due date. Use approximate cost-of-credit formula. Note: Assume a 30-day month and 360-day year.

a.2/10,net30

b.3/15, net30

c.3/15, net45

d.2/15, net60

a. When payment is made on the net due date, the APR of the credit terms of2/10, net30 is _ _ _ _%.(Round to two decimal places.)

b. When payment is made on the net due date, the APR of the credit terms of3/15, net30 is_ _ _ _ %.(Round to two decimal places.)

c. When payment is made on the net due date, the APR of the credit terms of3/15, net45 is_ _ _ %.(Round to two decimal places.)

d. When payment is made on the net due date, the APR of the credit terms of2/15, net60 is_ _ _%.