Homework Answers
Terms of 3/10, n/45 means that 3% discount will be availed if payment is made within 10 days, otherwise payment has to be made within 45 days without discount
Since the payment has been made within 10 days, the discount will be availed
Hence, cash paid = (Total purchases - Returned)*(1-Discount rate)
= (9400-470)*(1-3%)
= $8,662.1
Hence, cash paid will be $8,662.1
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