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April 21, 2014

Homework Help: Math for business

Posted by Lisa on Wednesday, August 31, 2011 at 10:57pm.

I am trying to figure this out. I know I am not right. I was looking for some help on how to get the proper answer.

Morgan Company received from Lee Company an invoice dated September 27. Terms were 2/10 EOM. List price on the invoice was $5,000 (freight not included). Morgan receives a 9/7 chain discount. Freight charges are Morganís responsibility but Lee agreed to prepay the $150 freight charge. Morgan pays the invoice November 9. What does Morgan pay Lee?

Here is my answer:

So I know because he pays on the 9th he gets a 2% discount.

Which now brings the list price from $5,000 to $4,900

This is the part where I am confused 9/7 discount.So when I convert it to a percent it is 1.29%..Is this right.

So I think i take $4,900 - 1.29% so then ($63.21)<--So this would be the dollar amount I subtract from $4,900
= $4,836.79.

I am not sure if I subtract or add $150.00.

Can anyone help me?

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