6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a cash discount for partial payments and you pay $11,500 within the discount period, calculate the amount of credit you will receive for this payment. Amount credited = Amount paid Complement of cash discount rate = $11,500
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6. You receive an invoice for $18,300 with terms of 5/15, n/60. If the supplier has a policy of allowing a
cash discount for partial payments and you pay $11,500 within the discount period, calculate the
amount of credit you will receive for this payment.
Amount credited = Amount paid
Complement of cash discount rate = $11,500
7. For terms of 8/10, n/60 determine the annual rate you, in effect, pay the supplier if you fail to pay the
invoice at the end of the discount period. Express the rate with 2 decimal places.
8. An invoice for $75.20 has terms of 3/10, 1/30, n/60. If you make payment 25 days after the invoice
date, what amount should you pay?
9. You purchase goods on an invoice dated July 5 with terms of 4/15, n/45 ROG. If you receive the goods
on July 23, calculate
(a) the last day of the discount period, and (b) the last day of the credit period.
b. Last day of credit period:
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