If Merchandise Sells for $3,500, with Terms of 3/15, N/45

question 61

Multiple Choice

If merchandise sells for $3,500, with terms of 3/15, n/45, and the cost of the inventory sold is $2,100, the amount charged to sales is

• A) $3,395
• B) $3,500
• C) $2,037
• D) $2,100

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Definitions:

Loanable Funds

The money available in financial systems for borrowing, representing the supply of funds from savers to borrowers.

Identities

Characteristics, qualities, or beliefs that make a particular person or group different from others.

Equilibrium Interest Rate

The interest rate at which the quantity of money demanded is equal to the quantity of money supplied, leading to a balance in the money market.

Loanable Funds

The supply of money available for borrowing in the financial market, determined by savings and demand for borrowing.