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MY HOMEWORK IS TIMED please answer as soon as possible; thanks. Assume the credit terms offered to your firm by your suppliers are 2.8/4, Net

MY HOMEWORK IS TIMED please answer as soon as possible; thanks.

Assume the credit terms offered to your firm by your suppliers are 2.8/4, Net 30. Calculate the cost of the trade credit if your firm does not take the discount and pays on day 30.

The effective annual cost of the trade credit is what %?

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