Explanation Given Information: The amount of invoice is $ 7 , 232.08 , 4 1 2 % of cash discount is offered when the invoice is paid within 20 days, n of cash discount is offered if the invoice is paid within 45 days and partial payment is $ 5 , 500 . 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 $ 7 , 232.08 , 4 1 2 % of cash discount is offered when the invoice is paid within 20 days, n of cash discount is offered if the invoice is paid within 45 days and partial payment is $ 5 , 500 . Compute the credit for partial payment by substituting the partial payment equals to $ 5 , 500 and cash discount rate equals to 4 1 2 % or 0

Contemporary Mathematics for Business & Consumers

8th Edition

ISBN: 9781305585447

Author: Robert Brechner, Geroge Bergeman

Publisher: Cengage Learning

See similar textbooks

Concept explainers

Unitary Method

The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.

Speed, Time, and Distance

Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 …

Profit and Loss

The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.

Units and Measurements

Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experime…

Videos

Question

Chapter 7.IV, Problem 9RE

To determine

To calculate: The amount of partial payment and net amount due if amount of invoice is $7,232.08, 412% of cash discount is offered when the invoice is paid within 20 days, n of cash discount is offered if the invoice is paid within 45 days and partial payment is $5,500.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Chapter 7.IV, Problem 8RE

Chapter 7.IV, Problem 10RE

Students have asked these similar questions

Answer questions 8.2.1 and 8.2.2 respectively

8.2.3 A research engineer for a tire manufacturer is investigating tire life for a new rubber compound and has built 16 tires and tested them to end-of-life in a road test. The sample mean and standard deviation are 60,139.7 and 3645.94 kilometers. Find a 95% confidence interval on mean tire life. 8.2.4 Determine the t-percentile that is required to construct each of the following one-sided confidence intervals: a. Confidence level = 95%, degrees of freedom = 14 b. Confidence level = 99%, degrees of freedom = 19 c. Confidence level = 99.9%, degrees of freedom = 24

8.1.6The yield of a chemical process is being studied. From previous experience, yield is known to be normally distributed and σ = 3. The past 5 days of plant operation have resulted in the following percent yields: 91.6, 88.75, 90.8, 89.95, and 91.3. Find a 95% two-sided confidence interval on the true mean yield. 8.1.7 .A manufacturer produces piston rings for an automobile engine. It is known that ring diameter is normally distributed with σ = 0.001 millimeters. A random sample of 15 rings has a mean diameter of x = 74.036 millimeters. a. Construct a 99% two-sided confidence interval on the mean piston ring diameter. b. Construct a 99% lower-confidence bound on the mean piston ring diameter. Compare the lower bound of this confi- dence interval with the one in part (a).

Chapter 7 Solutions

Contemporary Mathematics for Business & Consumers

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

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, subject and related others by exploring similar questions and additional content below.

The amount of partial payment and net amount due if amount of invoice is $ 7 , 232.08 , 4 1 2 % of cash discount is offered when the invoice is paid within 20 days, n of cash discount is offered if the invoice is paid within 45 days and partial payment is $ 5 , 500 .

Solution Summary: The author calculates the amount of partial payment and net amount due if invoice is 7,232.08.

Concept explainers

Videos

To calculate: The amount of partial payment and net amount due if amount of invoice is $7,232.08, 412% of cash discount is offered when the invoice is paid within 20 days, n of cash discount is offered if the invoice is paid within 45 days and partial payment is $5,500.

Want to see the full answer?

Chapter 7 Solutions