a store owner buys supplies from a vendor for $8,450. the terms of sale are 2/10, n/30. what will the net amount due be if the owner pays the bill by the 10th day after he receives the supplies?
explain 2/10, n/30
8281
To calculate the net amount due if the store owner pays the bill by the 10th day after receiving the supplies, we need to understand the terms of sale, which are stated as "2/10, n/30".
The first number before the slash (2) refers to the discount percentage offered by the vendor. In this case, it means that if the store owner pays within a specific period, they will receive a 2% discount on the total bill.
The number after the slash (10) represents the number of days within which the store owner must pay in order to qualify for the discount.
The second number after the comma (n) represents the total number of days after receiving the supplies within which the store owner must pay the full amount without any discount.
Therefore, in this scenario, the store owner will receive a 2% discount if they pay the bill within 10 days and the full amount is due within 30 days.
To calculate the net amount due, we subtract the discount amount from the total bill:
Discount Amount = Total Bill * Discount Percentage
= $8,450 * 2% = $169
Net Amount Due = Total Bill - Discount Amount
= $8,450 - $169 = $8,281
Therefore, if the store owner pays the bill by the 10th day after receiving the supplies, the net amount due will be $8,281.