question archive You purchased merchandise from a suppler and failed to pay the invoice amount $310 by the last day of the credit period, August 12
You purchased merchandise from a suppler and failed to pay the invoice amount $310 by the last day of the credit period, August 12
Subject:BusinessPrice:2.84 Bought5
You purchased merchandise from a suppler and failed to pay the invoice amount $310 by the last day of the credit period, August 12. Calculate the total amount you must pay on October 15 if the suppler charges 18% interest on past-due accounts. Assume a 365-day year.
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The answer is as calculated below;
Step-by-step explanation
due date=12th August
payment date=15th October
number of days to charge the interest=@18%64 days
therefore the interest amount is=$310*18%*64|365=$9.78
therefore the total amount that needs to be paid is $319.78($310+$9.78)
