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Dixie Tours Inc. buys on terms of 4/15, net 30. It does not take discounts, and it typically pays 35 days after the invoice date.

Dixie Tours Inc. buys on terms of 4/15, net 30. It does not take discounts, and it typically pays 35 days after the invoice date. Net purchases amount to $720,000 per year. What is the approximate percentage cost of its non-free trade credit?

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