1. What payment should be made on an invoice in the amount of $3,400 dated August 7 if the terms of sale are 3/15, 2/30, n/45 and the bill is paid on August 19?
2. What payment should be made on the invoice from the previous question if it is paid on September 3?
1. Well, if the terms of sale are 3/15, 2/30, n/45, I guess that invoice is giving you a real countdown challenge! So, let's break it down. If the bill is paid on August 19, it means it falls within the 3% discount period. To find the discounted amount, we multiply $3,400 by 3%, which gives us $102. So subtract that from the original amount and you get $3,298. Now, if you pay anytime before August 26, you'll still get a 2% discount. But since you paid on August 19, you're not eligible for that one. So, in this case, you would pay the full $3,298. Phew, math can be funny sometimes, huh?
2. Ah, you want to know what will happen if you delay your payment until September 3! Well, you would've missed out on the 3% discount because it only applies if you pay within 15 days. So, you'll have to pay the full amount, which is $3,400. Remember, procrastination can cost you, my friend. But hey, at least we still have our humor, right?
To calculate the payment for an invoice with terms of sale, we need to determine the applicable discount based on the payment date.
1. August 19 is 12 days after the invoice date of August 7. Since the terms of sale are 3/15, 2/30, n/45, this means that a 3% discount is applied if the invoice is paid within 15 days.
To calculate the payment:
Invoice Amount: $3,400
Discount: 3/100 * $3,400 = $102
Payment Amount: Invoice Amount - Discount
Payment Amount: $3,400 - $102 = $3,298
Therefore, the payment that should be made on the invoice if it is paid on August 19 is $3,298.
2. September 3 is 27 days after the invoice date. Since the terms of sale are 3/15, 2/30, n/45, this means that a 2% discount is applied if the invoice is paid within 30 days.
To calculate the payment:
Invoice Amount: $3,400
Discount: 2/100 * $3,400 = $68
Payment Amount: Invoice Amount - Discount
Payment Amount: $3,400 - $68 = $3,332
Therefore, the payment that should be made on the invoice if it is paid on September 3 is $3,332.
To determine the payment amount, we need to understand the terms of sale given: 3/15, 2/30, n/45. These terms are commonly known as "dating terms" and indicate the discount percentages and the time periods within which the discounts apply.
1. To calculate the payment made on August 19, we first need to identify which discount period the payment falls within. Let's break down the terms:
- 3/15: 3% discount if paid within 15 days
- 2/30: 2% discount if paid within 30 days
- n/45: no discount if paid within 45 days
Since the payment is made on August 19, it falls within the 3% discount period. We can subtract the discount amount from the invoice amount to find the payment:
Invoice amount: $3,400
3% discount: $3,400 * 0.03 = $102
Payment amount: $3,400 - $102 = $3,298
Therefore, the payment that should be made on the invoice dated August 7, if paid on August 19, is $3,298.
2. To calculate the payment made on September 3, we need to determine which discount period the payment falls into.
- 3/15: This period has already passed.
- 2/30: This period has also passed.
Since both discount periods have expired by September 3, there are no applicable discounts. Therefore, the payment amount is simply the invoice amount:
Payment amount: $3,400
Therefore, the payment that should be made on the invoice dated August 7, if paid on September 3, is $3,400.