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Calculate how much the buyer saved by this strategy

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Question - Sandra's Store purchased merchandise from a manufacturer with an invoice price of P11,000 and credit terms of 3/10, n/60, and paid within the discount period. 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. Calculate how much the buyer saved by following this strategy. (Use a 365-day year.)

Reference no: EM132854304

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