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How many extra days of credit can company y receive

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Reference no: EM132563851

Company X sells on a 1/10, net 60, basis. Company Y buys goods with an invoice of $5,500.

Question a. How much can company Y deduct from the bill if it pays on day 10? (Do not round intermediate calculations.)

Question b. How many extra days of credit can company Y receive if it passes up the cash discount?

Question c. What is the effective annual rate of interest if Y pays on the due date rather than day 10? (Use 365 days in a year. Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Reference no: EM132563851

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