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Mr. Hendricks Mr. Hendrick's suppliers offer a 2% trade discount if he pays for his supplies within 12 days. Presently Mr. Hendrick takes approximately 45
Mr. Hendricks Mr. Hendrick's suppliers offer a
2%
trade discount if he pays for his supplies\ within 12 days. Presently Mr. Hendrick takes approximately 45 days to pay back\ his suppliers. What is Mr. Hendrick's implied (annual) cost of borrowing, i.e.\ what is the implied APR at which he is "borrowing" from his suppliers?
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