A payment of $500 on an invoice for $887 reduced the balance owed to $378.09. What cash

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A payment of $500 on an invoice for $887 reduced the balance owed to $378.09. What cash discount rate was allowed on the $500 payment?
Discount Rate
Depending upon the context, the discount rate has two different definitions and usages. First, the discount rate refers to the interest rate charged to the commercial banks and other financial institutions for the loans they take from the Federal...
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