What payment should be made on an invoice in the amount of $3,400 dated August 7 if the terms of sale are 3/15, 2/30, n/45 and the bill is paid on August 19

shellehy you need to answer question you have more than one post that has not been answered

august 7th to august 19th that date the bill was paid.

subtract 19-7, which equals 12 days.

terms are 3/15, 2/30/ and n/45.

3 percent x $3400=?

subtract this answer from $3400, and then you have your answer

To calculate the payment amount on the invoice, we need to refer to the terms of sale, which are 3/15, 2/30, n/45.

The first number in the terms of sale represents the discount percentage, while the second number represents the number of days within which the discount is available. The third number, 'n', indicates the credit period before the full amount is due.

In this case, the terms of sale are:
- 3/15, which means a 3% discount is available if payment is made within 15 days,
- 2/30, which means a 2% discount is available if payment is made within 30 days, and
- n/45, which means the full amount is due within 45 days.

The invoice is dated August 7th, and the bill is paid on August 19th. To determine which discount applies, we compare the payment date with the discount periods:

1. Discount period 1: 3% discount if payment is made within 15 days.
Since August 19th is the 12th day after August 7th, it falls within this discount period.

2. Discount period 2: 2% discount if payment is made within 30 days.
Since August 19th is also within 30 days of August 7th, it falls within this discount period as well.

Since both discount periods apply, we choose the larger discount, which is 3%.

To calculate the payment amount, we subtract the discount from the invoice amount:
Invoice amount: $3,400
Discount: 3% of $3,400 = $102

Payment amount = Invoice amount - Discount
Payment amount = $3,400 - $102 = $3,298.

Therefore, the payment to be made on the invoice in the amount of $3,400 dated August 7th, with terms 3/15, 2/30, n/45, and paid on August 19th, is $3,298.

To determine the payment amount, we need to understand the terms of sale mentioned on the invoice. The terms "3/15, 2/30, n/45" refer to a series of discounts given for early payment.

Let's break down the terms:

- 3/15: This means a 3% discount is offered if paid within 15 days.
- 2/30: A 2% discount is offered if paid within 30 days.
- n/45: "n" stands for net, which implies the full payment is due within 45 days, without any discount.

In your case, the invoice is dated August 7, and the bill is paid on August 19th.

Since the payment is made within the first 15 days, you are eligible for the 3% discount mentioned in the terms (3/15).

To calculate the payment amount, subtract the discount from the invoice amount:

Discount amount = Invoice amount * Discount rate
Discount amount = $3,400 * 0.03 = $102

Payment amount = Invoice amount - Discount amount
Payment amount = $3,400 - $102 = $3,298

Therefore, the payment that should be made on August 19th is $3,298.