   Chapter 7, Problem 13CR ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# To calculate the credit given for a partial payment, we divide the amount of the partial payment by 100% ______the cash discount rate. (7-10)

To determine

To fill: The blank provided for the statement, ‘To calculate the credit given for a partial payment, we divide the amount of the partial payment by 100% _____ the cash discount rate’.

Explanation

The formula for partial payment due is computed by dividing the partial payment by complement of the cash discount rate.

Partial payment due=Partial payment100%Cash discount

Consider an example,

Suppose that partial payment is $20,000 and cash discount is 4%. Compute the partial payment due by substituting the partial payment equals to$20,000 and cash discount rate equals to 4%

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