What is the effective annual percentage cost

Reference no: EM13304790

A firm buys on terms of 2/8, net 45 days, it does not take discounts, and it actually pays after 58 days. What is the effective annual percentage cost of its non-free trade credit? (Use a 365-day year.)

15.89%
19.86%
19.70%
17.64%
13.19%

Reference no: EM13304790

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