A store owner buys supplies from a vender for 8,450. The terms of sale are 2/10, n/30. What will be the net amount due if the owner pays the bill by the 10th day after he receives the supplies?
To calculate the net amount due when paying the bill on time, we need to understand the terms 2/10, n/30.
The first part, 2/10, represents a discount percentage and the number of days in which the discount can be applied. In this case, the discount percentage is 2% and the discount period is 10 days.
The second part, n/30, indicates that the customer has 30 days to pay the bill in full.
To find the net amount due, we will subtract the discount from the total bill.
1. Calculate the discount:
Discount = Total bill x Discount percentage
Discount = $8,450 x 2% = $169
2. Subtract the discount from the total bill:
Net amount due = Total bill - 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.