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Compute what nominal annual percentage cost of non-free

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Problem 1: Banana's net purchases amount to 750,000 per year. It buys on terms of 3/10, net 40. It does not take discounts, and it typically pays 60 days after the invoice date. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

Reference no: EM132758262

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