Mr. Paul Promptly is a very cautious businessman. His supplier offers trade credit terms of 3/10, net 70

ACCOUNTING

Mr. Paul Promptly is a very cautious businessman. His supplier offers trade credit terms of 3/10, net 70. Mr. Promptly never takes the discount offered, but he pays his suppliers in 60 days rather than the 70 days allowed so he is sure the payments are never late. What is Mr. Promptly’s cost of not taking the cash discount?

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