14. Series discounts are a form of trade discount. (T or F)
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14. Series discounts are a form of trade discount. (T or F)
For Problems 15-19 assume that you purchase goods with a list price of $455 and a trade discount of
25%. The invoice is dated October 3 with terms of 3/15, n/45.
15. What is the net price after trade discount?
16 What is the last day you can take a cash discount?
17. What is the net amount due if you pay within the discount period?
18. If you do not pay within the discount period, what is the final date to pay the invoice? October 3 is
day number 276;
19. If you do not pay within the discount period, what annual interest rate are you, in effect, paying the
supplier? Express the rate with two decimal places
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