Ned’s Sheds purchases building materials from Timbertown Lumber for $3,700 with terms of 4/15, n/30. The invoice is dated October 17. Ned’s decides to send in a $2,000 partial payment. By what date must the partial payment be sent to take advantage of the cash discount? (Points : 2.5)

To determine the date by which the partial payment must be sent to take advantage of the cash discount, we need to consider the terms of the sale.

The terms of the sale state "4/15, n/30." This means that if the invoice is paid within 15 days, Ned's Sheds can take advantage of a cash discount of 4%. The "n/30" indicates that the full payment is due within 30 days.

To calculate the payment due date, we count forward from the invoice date (October 17) by the number of days mentioned in the terms. In this case, Ned's Sheds has 15 days to make the payment to receive the cash discount.

Adding 15 days to the invoice date of October 17, the partial payment must be sent by November 1st to take advantage of the cash discount.