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Old 07-29-2007   #3
Mike W
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It's a trick question. There's no discount available from most businesses since the account was not paid in full. In such case, the credit his account received is in-fact his payment amount. His account will be "credited' $1,600.00. His outstanding balance is $1,400.00. Now, however, if this creditor allows discounts on partial payments, Jones gets a 1% discount for the $1,600.00: 1% x 1600.00 = .01 x 1600.00 = $16.00. Jones account is credited $1616.00. His balance is $1384.00. Ask the teacher if the creditor gives discounts for partial payments.