(CO 6) Sunrise has received an invoice for medical supplies for $5,000 with terms of a...
(CO 6) Sunrise has received an invoice for medical supplies for $5,000 with terms of a 3% discount if paid within 10 days. The invoice is due on the thirtieth day. What is the annual effective cost of interest on this invoice?
Homework Answers
If you have paid on 13th day that means to use it for more 3 days you have foregone the discount.
Interest of 3 days = 3%/(100%-3%) = 3.09%
We assume that year is having 360 days.
3 days = 3.09%
360 days = ?
= 360*3.09%/3
= 370.8%
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