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?

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?
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The purchaser can take a 3% discount if paid within 10 days. Therefore, the payment on January 4 would be $1,000 - (3% of $1,000) = $1,000 - $30 = $970.00.

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