Standish Inc buys on terms of 2/10, net 35 from its chief supplier. What is the

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Standish Inc buys on terms of 2/10, net 35 from its chief supplier. What is the nominal annual cost of the trade credit that the supplier extends?

Suppose Standish doesn't take the discount and chooses to pay its supplier late. On average, Standish usually pays its suppliers on the 45th day after the sale. By how much does Standish decrease its annual nominal cost of trade credit by paying late?

What is the effective annual cost of trade credit for Standish is it continues paying on the 45th day after the sale?

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