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Test Your Understanding A supplier sends an invoice for $8,000 to T&T with terms 1/10,...

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Accounting

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Test Your Understanding A supplier sends an invoice for $8,000 to T&T with terms 1/10, n/30. In order to pay the invoice on the last day of the discount period, T&T borrows the money for the remaining 20 days of the credit period at 12% annual interest. What is T & T's net savings of borrowing the money to pay the invoice within the discount period? (Use a 360 day year.) a. $0 b. $27.20 c. $26.67 d. $52.80 14 0

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