Cost of Trade Credit

Calculate the nominal annual cost of trade credit under each of the following terms. Assume a 365-day year. Do not round intermediate calculations. Round your answers to two decimal places.

1. 1/15, net 20.

   %

2. 2/10, net 60.

   %

3. 3/10, net 50.

   %

4. 2/10, net 50.

   %

5. 2/15, net 45.

   %