you contract with a designer to plan a remodel in your home. her bill is $1,400 1/10 net 30. find the amount…

you contract with a designer to plan a remodel in your home. her bill is $1,400 1/10 net 30. find the amount needed to pay the bill with the discount included. $?

you contract with a designer to plan a remodel in your home. her bill is $1,400 1/10 net 30. find the amount needed to pay the bill with the discount included. $?

Answer

Explanation:

Step1: Identify discount rate

The term "1/10 net 30" means a 1% discount if paid within 10 days. So the discount rate $r = 0.01$.

Step2: Calculate discounted amount

The original bill amount $A_0=1400$. The discounted - amount $A$ is calculated by the formula $A = A_0(1 - r)$. Substitute $A_0 = 1400$ and $r=0.01$ into the formula: $A=1400\times(1 - 0.01)=1400\times0.99$. $A = 1386$.

Answer:

$1386$