Custom Kitchens received an invoice dated November 17 from Idea Cabinets Ltd. for $7260 with terms 3/15, 15/30,n/60. If Custom Kitchens made a payment of $4000 on December 2, what further payment on December 16 will settle the account?

3370.56?

56 To determine the further payment required to settle the account on December 16, we first need to understand the terms of the invoice.

The terms mentioned are 3/15, 15/30, n/60. These terms indicate the specific discounts and payment periods offered by Idea Cabinets Ltd.

Let's break down the terms:
- 3/15 means that if the payment is made within 15 days, a 3% discount applies.
- 15/30 means that if the payment is made between 16 and 30 days, the full amount is due and no discount is applicable.
- n/60 means that if the payment is made between 31 and 60 days, the full amount is due, and no discount is applicable.

Now, let's calculate the further payment required on December 16.

Step 1: Determine the discount period:

The invoice date is November 17. Adding 15 days to this date gives us December 2, the last day to avail the 3% discount. Therefore, the discount period is between November 17 and December 2.

Step 2: Calculate the discounted amount for the payment made on December 2:

The invoice amount is $7260. Since Custom Kitchens made a payment of $4000 on December 2, the remaining amount to be paid to avail the discount is $7260 - $4000 = $3260.

Step 3: Calculate the further payment required on December 16:

If Custom Kitchens wants to settle the account on December 16, they will have to make the full payment since the discount period has passed. Therefore, the further payment required will be $3260.

In summary, the further payment required on December 16 to settle the account is $3260.