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Suppose one of the suppliers to Seattle Health System offers terms of 3/20, net 60. a. When does the system have to pay its bills

Suppose one of the suppliers to Seattle Health System offers terms of 3/20, net 60.

a. When does the system have to pay its bills from this supplier?

b. What is the approximate percentage cost of the costly trade credit offered by this supplier?

(Assume 360 days per year.)

How do you calculate the following?

Discount percent

Days credit received

Days of free trade credit

Periodic cost of trade credit

Number of discount periods per year

Approximate % cost

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