If a Firm Grants Credit with Terms of 3/10, Net

question 4

Multiple Choice

If a firm grants credit with terms of 3/10, net 30, the customer

• A)must pay a penalty of 3 percent when payment is made in more than 10 days after the sale.
• B)must pay a penalty for 10 percent when payment is made in more than 3 days after the sale.
• C)receives a discount of 3 percent when payment is made in less than 10 days after the sale.
• D)receives a discount of 10 percent when payment is made in less than 3 days after the sale.

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