A Buyer Borrows Money at 6% Interest to Pay a $9,000

question 64

Multiple Choice

A buyer borrows money at 6% interest to pay a $9,000 invoice with terms 1/10, n/30 on the 10th day of the discount period. The loan is repaid on the 30th day of the invoice. What is the buyer's net savings for this total event?

• A)$0
• B)$60.00
• C)$61.20
• D)$120.00

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Definitions:

Task Coordination

The process of organizing and managing tasks and activities to ensure they are completed effectively and efficiently in accordance with objectives.

Skills

Abilities or expertise developed through practice and learning, enabling individuals to perform tasks effectively.

Competencies

A combination of observable and measurable knowledge, skills, abilities, and personal attributes that contribute to enhanced employee performance and ultimately result in organizational success.

Collective Agreement

A written contract negotiated between an employer and a union representing employees, outlining terms of employment, working conditions, and wages.