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Determine the cost of forgoing the discount

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Question - Simple? Simon's Bakery purchases supplies on terms of 1.5/10, net 30. If Simple? Simon's chooses to take the discount? offered, it must obtain a bank loan to meet its? short-term financing needs. A local bank has quoted Simple? Simon's owner an interest rate of 11.7% on borrowed funds. Should Simple? Simon's enter the loan agreement with the bank and begin taking the? discount? ? (Hint: Use 365 days for a? year.) Determine the cost of forgoing the discount?

Reference no: EM132857448

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