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    Credit terms

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    30. On September 1, a firm grants credit with terms of 2/10 net 45. The creditor: (Points: 3)
    must pay a penalty of 2% when payment is made later than September 1st.
    must pay a penalty of 10% when payment is made later than 2 days after September 1st.
    receives a discount of 2% when payment is made at least 10 days before September 1st.
    receives a discount of 2% when payment is made before September 1st and pays a penalty of 10% if payment is made after September 1st.
    receives a discount of 2% when payment is made within 10 days after the effective invoice date of September 1st.

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    https://brainmass.com/business/credit-management-credit-policy-analysis-and-risk/credit-term-problem-217967

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    Receives a discount of 2% when payment is made within 10 days ...

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    The solution explains some multiple choice questions relating to credit terms

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