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1. You have purchased an item on account that costs $1,000. The terms are 5/7, 2/14, N/30. You pay off the account 4 days after

1. You have purchased an item on account that costs $1,000. The terms are 5/7, 2/14, N/30. You pay off the account 4 days after the purchase. How much do you pay?

A. $1005

B. $1000

C. $950

D. $930

E. None of the other answers

2. You have purchased an item on account that costs $1,000. The terms are 5/7, 2/14, N/30. You pay off the account 10 days after the purchase. How much do you pay?

A. $1005

B. $1000

C. $950

D. $930

E. None of the other answers

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