you contract with an interior designer to make plans for your home. her bill is $1,400 2/10 net 30. find the…

you contract with an interior designer to make plans for your home. her bill is $1,400 2/10 net 30. find the amount needed to pay the bill with the discount included.

you contract with an interior designer to make plans for your home. her bill is $1,400 2/10 net 30. find the amount needed to pay the bill with the discount included.

Answer

Explanation:

Step1: Identify the discount rate

The terms 2/10 net 30 mean a 2% discount if paid within 10 days. So the discount rate $r = 2%=0.02$.

Step2: Calculate the amount to be paid

The original bill amount is $A_0 = 1400$. The amount to be paid $A$ after discount is calculated as $A=A_0(1 - r)$. Substitute $A_0 = 1400$ and $r = 0.02$ into the formula: $A=1400\times(1 - 0.02)=1400\times0.98 = 1372$.

Answer:

$1372$