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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

All Pro Sports Center purchases $45,300 in baseball gloves from Spaulding on May 5. Spaulding allows 4/15, n/45. If All Pro sends a partial payment of $20,000 on the discount date, how much credit will be given for the partial payment? What is the net amount still due on the order?

To determine

To calculate: The partial payment due and net amount due if All Pro Sports Center purchased gloves of price $45,300.00, 4% of cash discount is offered if the invoice is paid within 20 days, n of cash discount is offered if the invoice is paid within 45 days and partial payment is $20,000.

Explanation

Given Information:

It is given that all Pro Sports Center purchased gloves of price $45,300.00, 4% of cash discount is offered if the invoice is paid within 20 days, n of cash discount is offered if the invoice is paid within 45 days and partial payment is $20,000.

Formula used:

Partial payment due=Partial payment100%Cash discount 

The formula for net amount due is computed by subtracting partial payment due from the net price is,

Net amount due=Net pricePartial payment due

Calculation:

Consider that the partial payment is $20,000.

Compute the partial payment due by substituting the partial payment as $20,000 and cash discount rate as 4% in the formula Partial payment due=Partial payment100%Cash discount  as,

Partial payment due=Partial payment100%Cash discount  =20,000100%0

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