An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment?
A. $912
B. $1,152
C. $1,176
D. $1,200
To find the net amount of payment for the invoice, we need to calculate the amount after deducting any applicable discounts.
Given that the invoice is dated July 6, 2000, and the terms are 2/10-60X, it means that a 2% discount is available if the invoice is paid within 10 days. However, if the invoice is not paid within the 10-day period, the full amount is due within 60 days without any discount.
The due date for the invoice is September 3, 2000, which is less than 10 days from the invoice date. Therefore, the discount is applicable.
To calculate the discounted amount:
Discount = $1,200 * 2% = $24
Net amount after discount = $1,200 - $24 = $1,176
So, the net amount of payment for the invoice is $1,176.
Therefore, the correct answer is option C. $1,176.