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3 June, 08:51

You purchased merchandise from a suppler and failed to pay the invoice amount $310 by the last day of the credit period, August 12. Calculate the total amount you must pay on October 15 if the suppler charges 18% interest on past-due accounts.

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  1. 3 June, 09:29
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    After 64 days, you will owe

    ... 310 * (1 + 0.18*64/365) = 319.78

    You must pay $319.78 on October 15.
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