On May 11, you purchased $3,700 of merchandise from a supplier. The terms of the sale were 1/5, net 15. The discounted amount due is _____ which is payable no later than _____.

Question

Quizplus · Accepted Answer

The terms 1/5, net 15 mean a 1% discount is available if paid within 5 days. The discount on $3,700 is $37, so the discounted amount is $3,663. The payment must be made by May 16 to receive the discount.

On May 11, You Purchased $3,700 of Merchandise from a Supplier