What is the nominal annual percentage cost

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Question: A firm buys on terms of 4/15, net 25. It does not take the discount, and it generally pays after 32 days. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year? (State the answer as a percentage with the % symbol and round to 2 decimal places. For example, 0.13456 would be 13.456% and would be input as 13.46.)

Reference no: EM131974998

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