Today, July 8, you bought $26,400 worth of merchandise from your supplier. The credit terms are 2/5, net 15. By what day do you have to make your payment to receive the discount?

Question

Quizplus · Accepted Answer

The credit terms 2/5, net 15 mean you have 5 days from the purchase date (July 8) to pay and receive a 2% discount. Therefore, adding 5 days to July 8 gives you until July 13 to make the payment with the discount.

Today, July 8, You Bought $26,400 Worth of Merchandise from Your