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A buyer borrows money at 6% interest to pay a $10100 invoice with terms 1/10, n/30 on the 10th day of the discount period. The loan is repaid on the 30th day of the invoice. What is the buyer’s net savings for these two transactions?

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abiolataiwo2015

Answer:

$67

Explanation:

Calculation for the buyer's net savings for the two transaction

Buyer's net savings=($10,100 × .01) − ($10,100 × .06 × 20 days/360)

Buyer's net savings=$101-$34

Buyer's net savings=$67

Note that 10th day of the discount period less 30th day of the invoice will gives 20 days while 360 days represent the number of days in a year

Therefore the buyer's net savings for the two transaction will be $67

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