The terms of payment on an invoice for $2835.49 are 2/15, n/45. The balance owed after a payment within the discount period is $1135.49. What was the amount of the payment?
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To answer this question, we need to understand the terms of payment indicated on the invoice. Let's break it down.
The terms of payment are usually expressed as "X/Y, n/Z". In this case, the terms are 2/15, n/45.
"X" represents the percentage of the discount that can be taken if payment is made within a specific number of days from the invoice date. In this case, the "X" is 2, meaning a 2% discount is offered.
"Y" represents the number of days within which the discount can be taken. Here, the "Y" is 15, indicating that the discount can be taken if payment is made within 15 days.
"n" represents the net due date, which is the full amount that must be paid within a specific number of days. In this case, the "n" is 45, indicating that the full payment must be made within 45 days.
Now, let's calculate the payment made within the discount period.
The balance owed after a payment within the discount period is $1135.49.
Since the payment was made within the discount period, a 2% discount was applied. Therefore, the original amount owed before the payment can be calculated using the formula:
Original amount = Balance owed / (1 - Discount rate)
Substituting the given values:
Original amount = $1135.49 / (1 - 0.02)
Original amount = $1135.49 / 0.98
Original amount ≈ $1159.27
To determine the payment amount, we need to subtract the discount from the original amount:
Payment amount = Original amount - Discount
Payment amount = $1159.27 - (2% of $1159.27)
To calculate the discount, we multiply the original amount by the discount rate:
Discount = 0.02 * $1159.27
Now let's calculate the payment amount:
Payment amount ≈ $1159.27 - ($1159.27 * 0.02)
Payment amount ≈ $1159.27 - $23.19
Payment amount ≈ $1136.08
Therefore, the amount of the payment is approximately $1136.08.