What is the approximate, or “nominal,” cost of trade credit as an annual rate?

What is the approximate, or “nominal,” cost of trade credit as an annual rate?

If Jolly Joe’s buys $100 worth of supplies on credit with terms 2/15 n30 and pays the bill on the 30th day after the purchase:

a. What is the approximate, or “nominal,” cost of trade credit as an annual rate?

b. What is the exact cost of trade credit as an annual rate?


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