Question: Question 17 (5 points) A new supplier has offered your firm the credit terms 3/10, Net 60 on a $1,000,000 order. Late payments are assessed

Question 17 (5 points) A new supplier has offered your firm the credit terms 3/10, Net 60 on a $1,000,000 order. Late payments are assessed a 20% late fee. Assuming the cost of capital (i) is 10%, what is the amount of the payment if the firm opts to pay 12 days late? InvoicePrice/1+ (Days-CP)(fee/365)) PV = [1+(365)(Days) O $992,437 O $995,125 $987,104 None of the above

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