$1\mathrm{.}2$

REQUIRED

Study the information given below and determine the cost $($as a percentage, expressed to two decimal places$)$ to Tissot Traders of not accepting the discount.

INFORMATION

$(5$ marks$)$

Tissot Traders purchased inventory on credit from JKL Manufacturers. The credit terms offered by the manufacturer were $\frac{3}{12}$ net $60$ days.