Assume that if students buy more than $250 of art supplies in one visit, they may put it on a student account with terms of 2/10, n/30. If a student purchases $250 of supplies on September 16, what amount is due by September 26? How much would the student save by paying early?
To determine the amount due by September 26, we need to calculate the discount, if applicable, and subtract it from the total purchase amount.
First, let's identify the terms of the discount: 2/10, n/30. This means that if the student pays within 10 days, they are eligible for a 2% discount. Otherwise, the full amount is due within 30 days.
In this case, the student purchased exactly $250 worth of supplies on September 16. Since the purchase amount is equal to the threshold for the discount, there will be no discount applicable.
Therefore, the full amount of $250 is due by September 26.
To find out how much the student would save by paying early, we need to determine the discount amount for paying within 10 days. This discount is calculated based on the total purchase amount.
Since the student did not qualify for the discount, there would be no savings by paying early in this scenario.