Nominal annual percentage cost of non-free trade credit, Accounting Basics

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Nominal annual percentage cost of non-free trade credit

Problem:

A firm buys on terms of 3/15, net 45. It does not take the discount, and it generally pays after 60 days.

Requirement:

Question: What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

25.09%
27.59%
30.35%
33.39%
36.73%

Note: Show supporting computations in good form.

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Accounting Basics: Nominal annual percentage cost of non-free trade credit

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Accounting Basics: Nominal annual percentage cost of non-free trade credit

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