QQuestionAnatomy and Physiology
QuestionAnatomy and Physiology
On July 1, a company receives an invoice for $800 with the terms 1 / 10, net 30.
On July 15, the payment should be ***_***___.
- $692
- $790
- $792
- $800
- $808
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Answer
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Step 1: Understand the problem and the given information.
We are given an invoice amount of $800 with terms 1 / 10, net 30. This means that if the payment is made within 10 days, there is a 1% discount. If not, the full amount must be paid within 30 days of the invoice date.
Step 2: Calculate the discounted amount if paid within 10 days.
Discounted Amount = $800 × (1 - 0.1) = $800 × 0.9 = $720
The discounted amount is calculated as follows: Discounted Amount = Invoice Amount × (1 - Discount Rate) where the Discount Rate is given by the problem: 1 / 10 = 0.1 or 10%.
Final Answer
The correct answer is: - $692 (incorrectly listed as an option) The correct payment amount on July 15 should be the discounted amount, which is $720. However, none of the provided options match this amount. It seems there is a mistake in the options provided.
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