I DO NOT understand this at all and I worked on it and came up with answers but they were wrong??

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?

If partial payment was sent by the discount date, what is the balance still due on the order?

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

The terms, in this case, are 4/15, n/30. This means that if payment is made within 15 days, a cash discount of 4% can be applied. The full payment is due within 30 days.

To calculate the discount date, we start counting the days from the invoice date, which is October 17. The discount period begins on October 17 and lasts for 15 days. To find the discount date, we add 15 days to the invoice date:

October 17 + 15 days = November 1

Therefore, the partial payment must be sent by November 1 to take advantage of the cash discount.

Now let's calculate the balance still due on the order if the partial payment of $2,000 was sent by the discount date.

The original purchase amount from Timbertown Lumber was $3,700, and the partial payment is $2,000. To find the balance due, we subtract the partial payment from the original amount:

$3,700 - $2,000 = $1,700

Therefore, if the partial payment of $2,000 was sent by the discount date, the balance still due on the order would be $1,700.