Compute the Amount of Payment for an Invoice of $5,600,4/10,n/30

question 58

Multiple Choice

Compute the amount of payment for an invoice of $5,600,4/10,n/30 paid on the 7th day.

• A) $5,600
• B) $5,040
• C) $5,376
• D) $5,570

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Definitions:

RRSP

Registered Retirement Savings Plan, a Canadian investment account for holding savings and investment assets, aimed at providing retirement income.

Contributions

Money, time, or resources given to support a cause, organization, or project.

Monthly Payments

Regular payments made once a month, often in the context of repaying loans or mortgages.

Borrow

The action of receiving something from another party with the intention of returning it or its equivalent at a later date.