If a firm grants credit with terms of 3/10 net 30, the creditor:
A) Must pay a penalty of 3% when payment is made in more than 10 days after the sale
B) Must pay a penalty for 10% when payment is made in more than 3 days after the sale
C) Receives a discount of 3% when payment is made in less than 10 days after the sale
D) Receives a discount of 10% when payment is made in less than 3 days after the sale
Correct Answer:
Verified
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