An invoice for $5,000 dated September 1 with terms 2/10, 1½/20, n/30 is received in the mail on September 3^rd. A payment of $2,000 is made on September 12^th. How much is credited to the account? A) $2,030 B) $2,000 C) $2,040 D) $1,970 E) $1,930.60

Question

Quizplus · Accepted Answer

The payment is made within the 10-day discount period, so a 2% discount applies. The discount on $2,000 is $40, so $2,000 + $40 = $2,040 is credited to the account.

An Invoice for $5,000 Dated September 1 with Terms 2/10