You have purchased $10,000 worth of goods. The dealer is giving you terms of 2/10 ,n30. You were billed on july 7th.
A. What is the last date the payment can reach the dealer with out being delinquent?
B. What is the last date that you are eligible for the discount?
C.If the discount is taken, how much will be paid to the dealer?
D. if you go to the bank on the 10 to borrow the amount needed to pay the dealer at 8.5% intrest, how much will you owe?(principal and intrest)
E. How much did you save by borrowing money to take advantage of the cash discount?
2006-11-23 03:15:09 · 2 answers · asked by ourdoorsangler 1 in Science & Mathematics ➔ Mathematics
a)10 days from July 7th, around July 17th
b)July17th , same as above
c)$9800
d)If you go on the 10 th of July, you still have 7 more days to avail discount. So you borrow $9800 instead of 10000. So the principal is $9800 and interest is 9800x0.085=$833
e) you didn't save any money by borrowing but incured a loss of $633. Of course you saved $200 on interest by taking discount.
2006-11-23 03:50:33 · answer #1 · answered by Mathew C 5 · 0⤊ 0⤋
Sorry buddy, don't understand your terms of conditions.
If you restate your terms of conditions, I might be able to help you then. What does 2/10 ,n30 mean?
2006-11-23 11:48:11 · answer #2 · answered by Brenmore 5 · 0⤊ 0⤋