Asked by Marish Quilicot on May 11, 2024
Verified
Northern Outfitters' invoice to Rico's Menswear for $2,463.80 was dated October 22 with terms 2/10, n/30. Late payments are charged a 1% penalty on the overdue balance. Rico made payments of $1,000 on October 31 and $800 on November 20. What amount will pay off the balance on December 8?
Penalty
A punishment imposed for breaking a law, rule, or contract, which often involves paying a fine or forfeiting something.
- Comprehend sales terms and compute the requisite amounts to pay off invoices under particular conditions.
- Compute the necessary disbursement needed to liquidate unpaid bills, taking into account the order of payments and their conditions.
Verified Answer
AT
Learning Objectives
- Comprehend sales terms and compute the requisite amounts to pay off invoices under particular conditions.
- Compute the necessary disbursement needed to liquidate unpaid bills, taking into account the order of payments and their conditions.
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