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A vehicle is towed into the shop with a thrown serpentine belt. Technician A checks for a worn pulley bearing. Technician B checks for a faulty tensioner. Who is correct?
Discount Period
The time frame in which a discount is available for early payment of an invoice.
Implied Annual Interest Rate
The interest rate not explicitly stated but inferred from the terms of a financial instrument over a one-year period.
Invoice Price
The initial price listed by the manufacturer or supplier on the invoice, before any discounts, allowances, or additional charges are applied.
Credit Terms
The terms that govern the timing and conditions of payment between buyers and sellers in credit transactions.
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