Nominal annual percentage cost?
Answers:1 | LastUpdateAt:2012-09-03 17:52:01
Question- - Convicting bra. [Mr `Fly
- Asked at 2012-07-26 02:32:01
Your company has been offering credit terms 4/30 , net 90 days. What will be the nominal annual cost of trade credit is not free if you pay 120 days after the purchase ? (Assume a 365 days).
a . 16.05%
b. 16.90%
c . 17.74%
d. 18.63%
e. 19.56%
Answer1zaynAnswered at 2012-09-03 17:52:01
The formula is (365 days / OFF) x ( % Discount / 1 - % discount ) = April MedlinePlus
MedlinePlus
Then , ( 365/90 ) x (0.04 / 0.96) = 4.056 x 0.04167 = 16.90% APR
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