An invoice is received in the amount of $1845.4 on December 11th with the terms 3/10, n/30. The company makes a payment within the discount period of $1124.74. How much is credited to the account? Your answer must include the units and be rounded to 2 decimal places



Answer :

Answer:

  $1159.53

Step-by-step explanation:

You want to know the credit received for a partial payment of $1124.74 made within the discount period against an invoice of $1845.40 with terms 3/10, n/30.

Credit

The credit received for a partial payment is ...

  [tex]\text{credit amount}=\dfrac{\text{partial payment}}{\text{complement of discount}}\\\\\\\text{credit amount}=\dfrac{\$1124.74}{1-0.03}\approx \$1159.526\approx \$1159.53[/tex]

The account will be credited in the amount of $1159.53.

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