A firm offered 3/10,net 30 as terms of trade credit on a $1,000 invoice dated January 1.How much must the purchaser offer to pay in full on January 4^th?

Name: A firm offered 3/10,net 30 as terms of trade credit on a $1,000 invoice dated January 1.How much must the purchaser offer to pay in full on January 4 th ?
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Question

Quizplus · Accepted Answer

The terms 3/10, net 30 mean a 3% discount is available if paid within 10 days. Paying on January 4th qualifies for the discount: $1,000 - (3% of $1,000) = $970.00.

A Firm Offered 3/10,net 30 as Terms of Trade Credit