ingyi receives an invoice from her supplier for $17,750 with terms 2/5 net 20. Use the daycount
Question:
ingyi receives an invoice from her supplier for $17,750 with terms 2/5 net 20. Use the daycount convention ACT/360.
What is the earliest day on which Jingyi should pay her supplier?
How much does she have to pay on that day to settle the invoice? (Do not include a $ in your answer, just the number, to 2 decimals.) $
What is the last day on which Jingyi should pay her supplier?
How much does she have to pay on that day to settle the invoice? (Do not include a $ in your answer, j
How much does she have to pay on that day to settle the invoice? (Do not include a $ in your answer,
The simple interest rate on the loan (from question 3) is Answer%. (For 3.259% write 3.259 (no% sign) not 0.03259. Give your answer to 3 decimal places.)
Jingyi has a personal line of credit at her bank at a simple interest rate 0f 34.900%. How much money can she save by using her line of credit to pay the supplier the discounted amount instead of waiting to pay the full amount later? $Answer (Remember, no $ just the numerical answer, to two decimal places.)
Expert Answer:
Early Payment The terms 25 net 20 mean that if Jingyi pays within 2 days she will receive a 5 discount on the invoice amount Therefore she should pay ... View the full answer
