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Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

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Section
BuyFindarrow_forward

Contemporary Mathematics for Busin...

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

For the following transactions, calculate the credit given for the partial payment and the net amount due on the invoice.

Amount of Terms of Partial Credit for Net
Invoice Sale Payment Partial Payment Amount Due

7,232.08 4 1 2 / 20 , n / 45

5,500 _______ ________

To determine

To calculate: The amount of partial payment and net amount due if amount of invoice is $7,232.08, 412% of cash discount is offered when 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 $5,500.

Explanation

Given Information:

The amount of invoice is $7,232.08, 412% of cash discount is offered when 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 $5,500.

Formula used:

Follow the steps to compute the partial payment due and net amount due.

Step 1: The partial payment due is computed by dividing the partial payment by complement of the cash discount rate.

Partial payment due=Partial payment100%Cash discount 

Step 2: The net amount due is computed by subtracting partial payment due from the net price.

Net amount due=Net pricePartial payment due

Calculation:

Consider that the amount of invoice is $7,232.08, 412% of cash discount is offered when 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 $5,500.

Compute the credit for partial payment by substituting the partial payment equals to $5,500 and cash discount rate equals to 412% or 0

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