A man gets an invoice for
$430
with terms
22/10,
1/15,
n/30.
How much would he pay
26 days after the invoice date?
Well, let's break it down! The terms provided are 22/10, 1/15, and n/30. Now, I don't know who n is, but we'll figure it out!
22/10 means that if the man pays within 10 days, he gets a 22% discount. So, he would only have to pay 78% of the invoice amount, which is $430. That would be $336.40.
1/15 means that if the man pays within 15 days, he gets a 1% discount. So, he would only have to pay 99% of the invoice amount, which is $430. That would be $426.70.
Now, let's replace n with 26 in n/30. So, if the man pays after 26 days, he gets no discount. He would have to pay the full invoice amount, which is $430.
So, if the man pays 26 days after the invoice date, he would have to pay $430. I hope that clears things up... and maybe brings a smile to your face!
To calculate the amount the man would pay 26 days after the invoice date, we need to determine which discount term he is eligible for based on the terms of the invoice.
The terms given are:
- 22/10
- 1/15
- n/30
Let's break down each term:
- 22/10: This means that if the man pays within 10 days, he will receive a 22% discount.
- 1/15: If the man pays within 15 days, he will receive a 1% discount.
- n/30: The letter "n" represents the net amount due if paid within 30 days, without any discount.
Since the man needs to pay 26 days after the invoice date, none of the discount terms will apply. Therefore, he will need to pay the net amount stated on the invoice, which is $430.
To calculate the amount the man would pay 26 days after the invoice date, we need to understand the terms mentioned in the question.
The terms "22/10" mean that there is a 2% discount if the invoice is paid within 10 days. In other words, the full amount of $430 can be reduced by 2% if paid within this timeframe.
The terms "1/15" mean that there is a 1% discount if the invoice is paid within 15 days. This is an additional discount that can be applied on top of the previous one.
Lastly, the terms "n/30" represent the net amount due, which means the full invoice amount ($430) is due within 30 days.
Now, let's calculate the amount the man would pay after 26 days.
First, we need to determine if the man qualifies for any discounts. Since the invoice is only 26 days after the invoice date, it is within both the 10-day and 15-day discount periods. Therefore, he can apply both discounts.
To calculate the discounted amount after the first discount (2% within 10 days), we multiply the full amount by (1 - discount rate):
Discounted amount after 10 days = $430 * (1 - 0.02) = $421.40
Now, the man can apply the second discount (1% within 15 days):
Discounted amount after 15 days = $421.40 * (1 - 0.01) = $417.19
Since the invoice is 26 days after the invoice date, it falls outside of the discount periods. Therefore, the man would not receive any additional discounts. Hence, he would pay the discounted amount of $417.19.