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  1. MHB Apprentice

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    #1
    A merchant received an invoice for \$7000 with credit terms of 7/10, 4/20, n/30 dated January 4. Partial payments were made as follows: \$2790 on January 12, and \$1920 on January 21. Determine the balance due at the end of the month.


    can someone fix the format of my question? its not showing up properly

  2. Perseverance
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    #2
    Hi cyrus23 and welcome to MHB!

    Quote Originally Posted by cyrus23 View Post
    can someone fix the format of my question? its not showing up properly
    I've edited your post so it renders correctly. Dollar signs have a special meaning on this forum - they are used for typesetting math (latex). If you precede each dollar sign with a \ you won't have a problem.

    Also, we ask that our users show their progress (work thus far or thoughts on how to begin) when posting questions. This way our helpers can see where you are stuck or may be going astray and will be able to post the best help possible without potentially making a suggestion which you have already tried, which would waste your time and that of the helper.

    Can you post what you have done so far?

  3. MHB Apprentice

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    thank you! well Im pretty sure im doing it wrong because im not sure how to do this question but this is what i have so far

    2790 (1-7)
    2790 (0.93)
    2594.7

    1920 (1-4)
    1920 (0.96)
    1843.2

  4. MHB Apprentice

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    #4 Thread Author
    can someone please answer and help me?

  5. Perseverance
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    #5
    Hello cyrus23,

    MHB rule #1 states:

    Quote Originally Posted by MHB Rules
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    #6
    Quote Originally Posted by cyrus23 View Post
    A merchant received an invoice for \$7000 with credit terms of 7/10, 4/20, n/30 dated January 4.
    Partial payments were made as follows: \$2790 on January 12, and \$1920 on January 21.
    Determine the balance due at the end of the month.

    You must read the discount terms very carefully.

    It says: $ \displaystyle 7/10,\;4/20,\;n/30.$

    $ \displaystyle \begin{array}{ccc}\text{This means:} & 7\%\text{ discount if paid within 10 days,}\\
    & 4\%\text{ discoiunt if paid within 20 days,} \\
    & \text{net (balance) is due within 30 days.} \end{array}$

    The merchant paid \$2790 on Jan 12.
    This is within 10 days; he is entitled to a 7% discount.

    The next step is a bit tricky.
    He paid \$2790, which is worth: $ \displaystyle \frac{\$2790}{ 0.93} = \$3000 $

    Then he paid \$1920 on Jan 21.
    This is within 20 day; he is entitled to a 4% discouint.
    He paid \$1920, which is worth: $ \displaystyle \frac{\$1920}{0.96} = \$2000$

    His final balance is: $ \displaystyle \$7000 - 3000 - 2000 \,=\,\$2000$


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