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Dear Sir
I refer to your ch5 f9 example 2 whereby you calculate the interest after giving 1% discount on 60% of 20m for 30 days. I notice your figure of 2958904 includes the figure of 12m at 30 days and 15% and not the 12m less 120000, as that is no longer a receivable but a discount and therefore is not subject to interest as it is in effect a lower price???? i am not telling you i am asking in my own way
Regards
Richard
But I do discuss this in my free lecture working through this example!!
There are arguments as to whether to subtract it or not. The examiner sometimes subtracts it in his answers and sometimes does not, but he has said that you would get full marks either way (even though the answer would be slightly different).
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