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A business buys on terms of 2/10, net 30. It does not take discounts, and it typically pays 45 days after the invoice date. What is the nominal annual percentage cost of its non-free trade credit, based on a 365-day year?

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Tundexi

Answer:

21.28%

Explanation:

Nominal annual percentage = Discount/(100-discount) * 365/(Days paid after purchase - Days of discount period)

Nominal annual percentage = 2/(100-2) *365/(45-10)

Nominal annual percentage = 2/98 * 365/35

Nominal annual percentage = 0.02041 * 10.4286

Nominal annual percentage = 0.212847726

Nominal annual percentage = 21.28%

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