An Invoice of $600 for Merchandise Purchased Is Showing 3/15,n/30

question 124

Multiple Choice

An invoice of $600 for merchandise purchased is showing 3/15,n/30 as terms of credit.If the invoice is paid on or before the fifteenth day,the amount to be paid is ________.

• A)$582
• B)$600
• C)$618
• D)$621

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Definitions:

Interest-Earning Assets

Financial assets that generate income over time through the payment of interest, such as bonds, savings accounts, and certificates of deposit.

FDIC

The Federal Deposit Insurance Corporation (FDIC) is a United States government agency that provides deposit insurance to depositors in American commercial banks and savings institutions.

Money Market Mutual Fund Account

A money market mutual fund account is an investment vehicle that pools money from individuals to invest in low-risk, short-term securities, like treasury bills and commercial paper, typically offering a relatively safe place to park cash.

FDIC-insured Deposits

Deposits held in banks and financial institutions that are insured by the Federal Deposit Insurance Corporation (FDIC) against bank failure up to a certain limit.