Question

Each of the following situations involves the use of discounts: [4 Marks]

1. How much discount may Seals Inc. take in each of the following transactions? What was the

annualized interest rate?

a. Seals purchases inventory costing $450, terms 2/10, n/40.

b. Seals purchases new office furniture costing $1,500, terms 1/10, n/30.

2. Calculate the discount rate that Croft Co. received in each of these transactions.

a. Croft purchased office supplies costing $200 and paid within the discount period with a

check for $196.

b. Croft purchased merchandise for $2,800. It paid within the discount period with a

check for $2,674.​

Answer 1

Answer:

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Answer 2

Answer:

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