Did I get it?
Did I get it?
To my knowledge, you don't count the billing day, but days after the billing date. July 8th is one day after the billing date. July 18th is eleven days after. July 28th is twenty-one days after. So the 31st is the twenty-fourth day after. This gives you six more "safe" days, so August 6th is still okay.Originally Posted by Nikki111
As long as payment is made on or before the tenth day after the billing date, you can take the discount.Originally Posted by Nikki111
Yes.Originally Posted by Nikki111
I think you forgot to include the term of the loan: twenty days, or 20/360 (or 20/365) of a year (depending on how your class is counting the length of a year).Originally Posted by Nikki111
Eliz.
...and a little notation problem.
You got 2% = 0.02, but seem to have missed that 8.5% = 0.085.
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