On September 1,a Firm Grants Credit with Terms of 2/10

question 29

Multiple Choice

On September 1,a firm grants credit with terms of 2/10 net 30.The creditor:

• A)must pay a penalty of 2/10 of one percent when payment is made later than October 1.
• B)must pay a penalty of 10 percent when payment is made later than 2 days after October 1.
• C)receives a discount of 2 percent when payment is made at least 10 days prior to October 1.
• D)receives a discount of 2 percent when payment is made on September 1 and pays a penalty of 10 percent if payment is made after October 1.
• E)receives a discount of 2 percent when payment is made within 10 days.

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