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December 20, 2014

Homework Help: Business Math

Posted by Steph on Tuesday, October 9, 2012 at 6:06pm.

Import exclusives Ltd. received an invoice dated June 28 from Dansk Specialties of Copenhagen with terms 5/20, n/45:
100 teak trays at $34.30 each;
25 teak ice buckets at $63.60 each;
40 teak salad bowls at $54.50 each.
All items are subject to trade discounts of 33 1/3%, 7 1/2%, 5%.

a) What is the last day of the discount period?
b) What is the amount due if the invoice is paid in full on July 15?
c) If a partial payment only is made on the last day of the discount period, what amount is due to reduce the outstanding balance to $2500?

I am stuck on the whole question, please help!

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