What is the net benefit (in rate or percent) of paying on the 35th day instead of obtained a loan that would cost SS 8% interest per year

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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The major supplier of SS Corp. offers credit terms of 12/10, n/35. What is the net benefit (in rate or percent) of paying on the 35th day instead of obtained a loan that would cost SS 8% interest per year. Use 360 days and use the compounded annual effective cost.

 
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