Quantree Company is quoted credit terms of 3/15, net 60 (using a 360-day year). The effective cost of not taking this discount and paying on day 60 is (rounded to nearest hundredth):
18.00 percent.
18.56 percent.
24.00 percent.
24.74 percent.
Choice "D" is correct. The formula for computing the cost of credit discounts is:
Cost of credit discount
=
360(Total pay period − Discount period)
×
Discount %(100% − Discount %)
[360 ÷ (60 − 15)] × [3% ÷ (100% − 3%)]
8 × .0309
24.7%
Choices "c", "b", and "a" are incorrect, per the above calculation.
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