What is the nominal annual percentage cost

Reference no: EM13304785

A firm buys on terms of 3/15, net 45. It does not take the discount, and it generally pays after 75 days. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

a)21.64%
b)20.51%
c)14.49%
d)18.81%
e)17.87%

Reference no: EM13304785

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