Ace Credit Card Company agrees to transfer cash to Seller Company immediately upon deposit of that company's credit card sales receipts.Ace charges a 2% fee for all credit card sales.If Seller Company deposits $57,300 credit card sales receipts,which of the following statements are true?

Question

Quizplus · Accepted Answer

Ace Credit Card Company charges a 2% fee on the credit card sales receipt deposited by the Seller Company. Therefore, the fee charged by Ace will be 2% of $57,300 which equals $1,146. Hence, the total amount that Ace will transfer to the Seller Company will be $57,300 - $1,146 = $56,154. Therefore, Seller Company will receive cash $56,154 from Ace.

Ace Credit Card Company Agrees to Transfer Cash to Seller