an invoice dated march 5 in the amount of $17,000 has terms of sale 4.5/15, n/30. what is the discount date…

an invoice dated march 5 in the amount of $17,000 has terms of sale 4.5/15, n/30. what is the discount date? calculate the partial payment credit for a partial payment of $7000 sent before the discount date. determine the net amount due after the partial payment credit has been applied. what is the net date? question help: message instructor

an invoice dated march 5 in the amount of $17,000 has terms of sale 4.5/15, n/30. what is the discount date? calculate the partial payment credit for a partial payment of $7000 sent before the discount date. determine the net amount due after the partial payment credit has been applied. what is the net date? question help: message instructor

Answer

Explanation:

Step1: Determine discount date

Add 15 days to March 5. March has 31 days. So March 5 + 15 days = March 20.

Step2: Calculate partial - payment credit

The discount rate is 4.5% or 0.045. Let the amount of partial - payment credit be $x$. We know that the amount paid is $7000$. If we assume the original amount before discount for this partial - payment is $x$, then $7000=x(1 - 0.045)$. Solving for $x$ gives $x=\frac{7000}{1 - 0.045}=\frac{7000}{0.955}\approx7329.84$.

Step3: Calculate net amount due

The original invoice amount is $17000$. The amount of credit applied is approximately $7329.84$. So the net amount due is $17000-7329.84 = 9670.16$.

Step4: Determine net date

The net date is 30 days from the invoice date. March 5+30 days = April 4.

Answer:

Discount date: March 20 Partial - payment credit: $$7329.84$ Net amount due: $$9670.16$ Net date: April 4