Problem 16-7 Calculate the nominal annual cost of nonfree trade credit under each of the following terms. Assume the payment is either on the discount date or due date. A. 1/15, net 20 B. 2/10, net 60 C. 3/10 net 45, D. 2/10 , net 45 E. 2/15, net 40 Please include formulas. Answers are A. 74.74% B. 14.90% C. 32.25% D. 21.28% E. 29.80%