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 - With LMS CengageNOW

8th Edition

ISBN: 9781337125468

Author: Brechner

Publisher: Cengage

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Chapter 7.IV, Problem 9RE

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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.

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Chapter 7.IV, Problem 8RE

Chapter 7.IV, Problem 10RE

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Chapter 7 Solutions

Contemporary Mathematics for Business & Consumers - With LMS CengageNOW

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 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.

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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.

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Chapter 7 Solutions