Page 1 of 1
Mavericks Cosmetics buys $4,691,301 of product (net of discounts) on terms of 7/10, net 60, and it currently pays on the
Posted: Sun Jul 03, 2022 6:42 am
by answerhappygod
- Mavericks Cosmetics Buys 4 691 301 Of Product Net Of Discounts On Terms Of 7 10 Net 60 And It Currently Pays On The 1 (37.15 KiB) Viewed 13 times
Mavericks Cosmetics buys $4,691,301 of product (net of discounts) on terms of 7/10, net 60, and it currently pays on the 10th day and takes discounts. Mavericks plans to expand, and this will require additional financing. If Mavericks decides to forego discounts, what would the effective percentage cost of its trade credit be, based on a 365-day year? Answer in % terms to 2 decimal places.