An invoice of $2,400 is dated April 2, terms 2/10, n/30. If the invoice is paid on April 9, the amount to be paid is:

Question

Quizplus · Accepted Answer

The terms 2/10, n/30 mean that the buyer can take a 2% discount if they pay within 10 days, and the full amount is due in 30 days.

Since the invoice is paid on April 9 (within the discount period), the buyer can take the discount.

Discount = Invoice amount x Discount rate
Discount = $2,400 x 0.02
Discount = $48

Therefore, the amount to be paid is:

Invoice amount - Discount
Amount to be paid = $2,400 - $48
Amount to be paid = $2,352

So the best choice is C, $2,352.

An Invoice of $2,400 Is Dated April 2, Terms 2/10