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If your firm buys 1000 worth of supplies on credit with

If your firm buys $1,000 worth of supplies on credit with terms 3/15 n60 and pays the bill on the 60^th day after the purchase:

a. What is the approximate, or "nominal," cost of trade credit as an annual rate?

b. What is the exact cost of trade credit as an annual rate?

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Finance Basics: If your firm buys 1000 worth of supplies on credit with

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