Can somone help me with this math please? - XP Math - Forums

 XP Math - Forums Can somone help me with this math please?

 07-29-2007 #1 Ineedhelp Guest   Posts: n/a Can somone help me with this math please? Jones Advertising Agency received a \$3,000 invoice dated June 8. Terms were 2/10, 1/15, n/60. On June 22 Jones Advertising sent a \$1,600 partial payment. What credit should Jones Advertising receive? What is Jones' outstanding balance? Round to nearest cent.
 07-29-2007 #2 readingfreak1990 Guest   Posts: n/a The credit should be \$1600.00 /the outstanding balance is \$1400.00
 07-29-2007 #3 Mike W Guest   Posts: n/a 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.

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