How do I find the credit for partial payment?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Mortgages
A mortgage is a formal agreement in which a bank or other financial institution lends cash at interest in return for assuming the title to the debtor's property, on the condition that the obligation is paid in full.
Mortgage
The term "mortgage" is a type of loan that a borrower takes to maintain his house or any form of assets and he agrees to return the amount in a particular period of time to the lender usually in a series of regular equally monthly, quarterly, or half-yearly payments.
Question
How do I find the
credit for partial payment?
Transcribed Image Text:**Amount of Invoice:** $8,303.00
**Terms of Sale:** 2/10, n/30
**Partial Payment:** $2,800
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**Explanation of Terms:**
- **Amount of Invoice:** This is the total amount due on the invoice.
- **Terms of Sale (2/10, n/30):**
- "2/10" indicates a 2% discount is available if the invoice is paid within 10 days.
- "n/30" means that the net (full) payment is due within 30 days.
- **Partial Payment:** This is the amount that has been partially paid towards settling the invoice.
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