For each of the following import purchases,

(a) calculate the annual cost of the cash discount forgone, and

(b) determine the date and amount paid if the discount is taken.

Assume that the invoice date is March 10 and that there are 30 days in a month.

(i) $500, 2/10, net 30;

(ii) $3,500, 4/20, net 60;

(iii) $1,500, 3/30, net 40;

(iv) $4,400, 2/10, net 70.