question archive Three invoices for the amounts of $35,400, $27,000, and $41,000 were received on November 14, 2014, December 14, 2014, and January 6, 2015, respectively
Three invoices for the amounts of $35,400, $27,000, and $41,000 were received on November 14, 2014, December 14, 2014, and January 6, 2015, respectively
Subject:BusinessPrice:2.87 Bought7
Three invoices for the amounts of $35,400, $27,000, and $41,000 were received on November 14, 2014, December 14, 2014, and January 6, 2015, respectively. If the payment terms are 3/7, 2/30, n/60, calculate the amount that must be paid on January 13, 2015 to settle all three invoices. $0.00 Round to the nearest cent
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Answer:
| Invoice dated Nov.14 2014 for $ 35400 |
| Payment terms --- 3/7 |
| ie.3% discount , if paid within 7 days |
| if paid after 7 day--- full amount----- jan 13, 2015 falls well after 7 days from the date of the invoice, Nov. 14,2014 |
| So,amount to be paid on Jan 13, 2015 = the full amount of invoice, ie. |
| 35400 |
| Invoice dated Dec.14 2014 for $ 27000 |
| Payment terms --- 2/30 |
| ie.2% discount , if paid within 30 days |
| Jan 13the 2015 falls on 17(days in Dec.)+13 (days in Jan 2015)= 30 the day |
| So,amount to be paid on Jan 13, 2015 = 27000*(1-2%)= |
| 26460 |
| Invoice dated Jan 6 , 2015 for $ 41000 |
| Payment terms --- n/60 |
| ie. To be paid within 60 days |
| So,amount to be paid on Jan 13, 2015 = the full amount of invoice, ie. |
| 41000 |
| So, the total of the three invoices , to be paid on Jan 13, 2015= |
| 35400+26460+41000= |
| 102860 |
