Question

Quick depot buys tools from a supplier with an invoice amount of $19,700. the terms of the sale are 15/15, n/30. what is the net amount due on the order if the bill is paid by the 15th day

Answer 1

the terms of the sale are 15/15, n/30 indicates that the sales will include a 15% discount if the payment is finished within 15 days.
So, The net value of the payment in the 15th day would be:

$ 19,700 - (15% x $ 19,700)

= $ 19,700 - $ 2955

= $ 16,745