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Mathematics, 21.10.2019 15:50 beccahaileyowzryu

Joanne's dress shop received an invoice dated july 25 for $1,400, with terms of 2/10, 1/15, n/60. on august 8, joanne's dress shop sent a partial payment of $750. the actual amount that should be credited is

Answers

ansver
Answer from: Giabear23
August 8 is Day 15 and falls under the 1% discount rule.

750/0.99 = 757.58 from the balance, and 1400.00 - 757.58 = 642.42 is due by day 60.
ansver
Answer from: mikequntana512

The actual amount that should be credited is 757.57.

Step-by-step explanation:

Joanne's Dress Shop received an invoice dated July 25 for $1,400 with terms of 2/10, 1/15, n/60.

This means 2% discount on payment within 10 days

1% discount on payment within 15 days

of full payment within 60 days.

Joanne sent a partial payment of $750 on August 8th. that is within 15 days, so she got the discount of 1% on her payment.

Let the actual amount was paid be x

99% of x = 750

\frac{99}{100} x = 750

x = \frac{750}{0.99} = 757.57

The actual amount that should be credited is 757.57.

ansver

The actual amount that should be credited is $757.58.

Solution:

Given that,

2% Discount if paid in 10 days.

1% Discount if paid in 15 days, (but greater that 10 days)

Net due in 60 days.

That is,

\bold{1400\times0.98 = 1372} will close the acount on days 1-10

\bold{1400\times0.99 = 1386} will close the acount on days 11-15

And August 8 is Day 15 and falls under the 1% discount rule.

Therefore, we have to divide the partial payment by the complement of the discount rate.

\bold{\Rightarrow\frac{750}{0.99} = 757.58} from the balance, and \bold{1400.00 - 757.58 = 642.42} is due by day 60.

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