can someone please help me solve this problem. A store owner buys supplies from a vendor for $8,450. The term of sale are 2/10, n/30. What will be net amount due if the owner pays the bill by the 10th day after he receives the supplies>
A 2% discount can be made if the bill is paid in ten days or less. That would make the amount due $8281.
(I had to look this up with Google to see what 2/10, n/30 means)
To determine the net amount due if the owner pays the bill by the 10th day after receiving the supplies, we need to understand the terms of sale.
The terms "2/10, n/30" mean that the vendor offers a discount of 2% if payment is made within 10 days. Otherwise, the full amount is due within 30 days.
To calculate the net amount due, follow these steps:
1. Start with the initial bill amount of $8,450.
2. Determine the discount: Multiply the bill amount by the discount percentage (2/100 = 0.02).
Discount = $8,450 * 0.02 = $169.
3. Subtract the discount from the total bill amount to get the net amount due:
Net amount due = Total bill amount - Discount.
Net amount due = $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.