The term 3/10 EOM means that a 3 discount will be applied if the payment is received within 10 days of the invoice date.
Indicate whether the statement is true or false
Question 2
An Excel spreadsheet is being used to track insurance payments for homeowners insurance with a coinsurance clause. The following are the column headings: A is Replacement Value of the Building, B is Face Value of the Policy, C is Coinsurance Clause Percent, D is Amount of Insurance Required, E is Amount of Loss, F is Percent of Loss Insurance Will Pay, and G is Amount of Loss Insurance Will Pay. What is the formula to determine the amount of loss insurance will pay in Row 15?
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