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QUESTION

4) ACompany received an invoice dated September 20 for $24,000 less 20%, 15% terms 5/10, 2/30, n/60.

4) A  Company received an invoice dated September 20 for $24,000 less 20%, 15% terms 5/10, 2/30, n/60. The Company made a payment on September 30 to reduce the debt to $12000 and a payment on October 20 to reduce the debt by $3000. (10 marks)

a) What amount is the original balance that the company must pay (hint: it is not $24,000). What amount must the Company remit to pay the balance of the debt at the end of the credit period?

b) What is the total amount paid by the Company?      

6) A product lists for $2120 less 30% , 20%. To meet competition, the product must be reduced to $950.00. What additional percent discount must be allowed? (4 marks)

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