Company X sells on a 1/15, net 60, basis. Company Y buys goods with an invoice of $1,500.

a.How much can company Y deduct from the bill if it pays on day 15?(Do not round intermediate calculations.)

b.How many extra days of credit can company Y receive if it passes up the cash discount?

c.What is the effective annual rate of interest if Y pays on the due date rather than day 15?(Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Company X sells on a 1/15, net 60, basis. Company Y buys goods with an invoice of $1,500. a. How much can company Y deduct from the bill if it pays on day 15? (Do not round intermediate calculations.) Discount I I b. How many extra days of credit can company Y receive if it passes up the cash discount? -- c. What is the effective annual rate of interest if Y pays on the due date rather than day 15? (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)