You place an order for 1,600 units of Good X at a unit price of $53. The supplier offers terms of 2/30, net 50.
Requirement 1:
(a)How long do you have to pay before the account is overdue?
(b)If you take the full period, how much should you remit?
Requirement 2:
(a)What is the discount being offered?
(b)How quickly must you pay to get the discount?
(c)If you do take the discount, how much should you remit?
Requirement 3:
(a)If you don't take the discount, how much interest are you paying implicitly?
(b)How many days' credit are you receiving?