Stanford Marketing Inc. received an invoice for $7,500 on April 10, with terms 3/10, n/30, EOM. Stanford submitted a payment of $5,000 on May 10. What is the outstanding balance on the invoice after the payment is made?

Outstanding Balance

The amount of money owed on a loan or credit account that has not yet been repaid.

Invoice

A document indicating a transaction between a buyer and a seller, listing the goods or services provided along with their prices and the total amount due.

EOM

EOM stands for "End of Month," a term used in various contexts, notably in business and finance, to indicate something that occurs or is due at the conclusion of the calendar month.