Explanation Given Information: The amount of invoice is $ 5 , 998.20 , 4 % of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $ 3 , 200 . Formula used: Follow the steps to compute the partial payment due and net amount due. Step 1 : The partial payment due is computed by dividing the partial payment by complement of the cash discount rate. Partial payment due = Partial payment 100 % − Cash discount Step 2 : The net amount due is computed by subtracting partial payment due from the net price. Net amount due = Net price − Partial payment due Calculation: Consider that the amount of invoice is $ 5 , 998.20 , 4 % of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $ 3 , 200

Contemporary Mathematics For Business & Consumers, Brief Edition, Loose-leaf Version

8th Edition

ISBN: 9781305867192

Author: Robert Brechner, Geroge Bergeman

Publisher: South-Western College Pub

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Chapter 7.IV, Problem 8RE

To determine

To calculate: The credit for partial payment and net amount due if amount of invoice is $5,998.20, 4% of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $3,200.

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Chapter 7 Solutions

Contemporary Mathematics For Business & Consumers, Brief Edition, Loose-leaf Version

Ch. 7.I - From the following FotoFair invoice, identify the...Ch. 7.I - Prob. 2TIE Ch. 7.I - What word is represented by each of the following...Ch. 7.I - Prob. 2RE Ch. 7.I - What word is represented by each of the following...Ch. 7.I - Prob. 4RE Ch. 7.I - Prob. 5RE Ch. 7.I - Prob. 6RE Ch. 7.I - Prob. 7RE Ch. 7.I - Prob. 8RE

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The credit for partial payment and net amount due if amount of invoice is $ 5 , 998.20 , 4 % of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $ 3 , 200 .

Solution Summary: The author calculates the credit for partial payment and net amount due if invoice is 5,998.20.

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To calculate: The credit for partial payment and net amount due if amount of invoice is $5,998.20, 4% of cash discount is offered when the invoice is paid within 15 days, n of cash discount is offered if the invoice is paid within 60 days and partial payment is $3,200.

Chapter 7 Solutions