4804113260
04.06.2021 •
Business
Quail Company's suppliers offer terms of 2/10, net 35. Using a 360-day year, what is the approximate cost of foregoing the discounts
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Ответ:
0.29
Explanation:
The computation of the approximate cost of foregoing the discounts is shown below:
Here we assume the balance to be $100
Now 2/10, net 35 means that if the person paid the amount within 10 days so he or she is eligible for the payment
So,
= $100 × (100 - 0.02)
= $98
The $98 should be paid in 10 days
or $100 for 35 days
So overall the $2 for borrowing and $98 for 25 days i.e. (35 - 10)
Now the annual percentage is
= $2 ÷ $98 × 360 days ÷ 25 days
= 0.29
Ответ:
A. The interest they receive from loans is the largest source of income for banks. From a bank’s perspective, the interest from the loans granted to the customers is an income. Banks earn interest income generated from the loans granted.