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Multiple Choice Question On May 14, X-Mart purchased $500 of merchandise with terms of 3/15,n/40. If payment is made on May 28, calculate the purchase discount that may be taken by X-Mart. $15 $70 $75 $20

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hyderali230

Answer:

$15

Explanation:

Terms of 3/15,n/40 means that there is a discount of 3% is available id if the the payment is made within 15 days after sale and net credit period is 40 days. As payment is made within the discount period of 15 days, so the discount will be given on the due amount.

Sales amount = $500

Discount = $500 x 3% = $15

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