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Math Help - Do you have this book??

  1. #1
    Newbie Garfield82's Avatar
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    Question Do you have this book??

    I have a question regarding Business math... I'm kind of stumped on this one question or series of questions regarding 2/10 n/30...

    At one point it asks how to get the annual rate of interest and Im not totally comprehending how they are arriving at the answer...

    Anyways the book is called All the math you'll ever need....

    Thanks for reading!!
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  2. #2
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    Post a question.
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  3. #3
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    Quote Originally Posted by Garfield82 View Post
    I have a question regarding Business math... I'm kind of stumped on this one question or series of questions regarding 2/10 n/30...

    At one point it asks how to get the annual rate of interest and Im not totally comprehending how they are arriving at the answer...

    Anyways the book is called All the math you'll ever need....

    Thanks for reading!!
    Are you talking about compound interest?
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  4. #4
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    > 2/10 n/30

    Think that means 2% off if paid within 10 days, net if paid after 10 days and within 30 days...

    Kinda silly to try and assign some annual rate to this 2% reduction.
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  5. #5
    Newbie Garfield82's Avatar
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    Do you have this book??-210n30.jpgDo you have this book??-210n30p1.jpg

    Hopefully these pics are expandable... It has the introductory paragraph and problem 1 which I couldn't figure out. I was confused as to why they used 20 in problem 1 and why they where even looking for interest to begin with because the question seems to imply that the customer wouldn't even be receiving any... Anyways I'll see what you guys have to say... L8r
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  6. #6
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    All they're doing is : 2/20 = x/360 ; so x = 36.
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  7. #7
    Newbie Garfield82's Avatar
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    Right...If you can't already tell I'm behind the times in my comprehension of mathematics. I understand how they got 36% once they laid out the equation... What I don't fully comprehend is how they arrived at that equation... I'm not the best at word problems...Its asking for an annual rate of interest but the paragraph seems to imply that we are not taking the 2% discount so how is the 2% even a part of the equation if we are foregoing it?

    Thanks for replying..... Hopefully this makes my question a bit more clear...
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