TRADE PAYABLE Definition

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TRADE PAYABLE, also known as an account payable, is an amount owed to a creditor for goods and services received.

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NET PURCHASES are those items purchased less returns, discounts and allowances on those purchases.

MINIMUM PAYMENT is the minimum amount that you must pay, e.g. usually monthly on a home equity loan or line of credit. In some payment agreements the minimum payment may be "interest only" (simple interest). In other loan agreements, the minimum payment may include principal and interest (amortized).

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