The cash discount terms for a purchase worth $1,000 made on August 1 are 3/10,net 30.How much will a buyer have to pay if he or she makes the payment on August 7?

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The notation "3/10,net 30" means the buyer can take a 3 percent discount off the face value of the invoice if the invoice is paid within 10 days.That means a buyer would pay $970.Otherwise,the full face value is due within 30 days.A 3 percent discount for $1,000 is $970.

The Cash Discount Terms for a Purchase Worth $1,000 Made