Company X sells on a 5/15, net 63, basis. Customer Y buys goods with an invoice of $1,140.

a. How much can Y deduct from the bill if it pays on day 15? (Round your answer to 1 decimal place.)

Discount $

b. How many extra days of credit can Y receive if it passes up the cash discount? (Round your answer to the nearest whole.)

Extra days of credit

c. What is the effective annual rate of interest if Y pays on the due date rather than day 15? (Round your answer to 2 decimal places.)

Effective annual rate of interest %