Question: The implicit annual cost of borrowing when using the trade credit with the terms 5/10, net 60 (and not making payments by day 10 but

The implicit annual cost of borrowing when using the trade credit with the terms "5/10, net 60" (and not making payments by day 10 but making them on day 60) is closest to which of the following interest rates?

a. 49%

b. 38%

c. 75%

d. 99%

e. 20%

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