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Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at...

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Assume that the buyer borrowed enough cash to pay the balance on the last day of the discount period at an annual interest rate of 8% and paid it back on the last day of the credit period. Compute how much the buyer saved by following this strategy. (Use 365 days a year. Round your intermediate calculations and final answer to 2 decimal places.)

 

Paper#78083 | Written in 18-Jul-2015

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