Jeff purchased $550 of goods and received credit terms of 5/15, n/30. How much did he pay if payment was made during the discount period? (Round any intermediate calculations to the nearest cent, and your final answer to the nearest dollar.)

Question

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Jeff received a 5% discount for paying within 15 days. The discount amount is $550 * 0.05 = $27.50. Therefore, he paid $550 - $27.50 = $522.50, which rounds to $523.

Jeff Purchased $550 of Goods and Received Credit Terms of 5/15