Question

50 pair of tennis shoes at $85 a pair with terms 4/10, 2/30, n/60. the invoice was dated for october 15. payment was sent in october 28, what was the total amount of the check

Answer 1

Explanation:

The terms "4/10, 2/30, n/60" indicate that the buyer can take a discount of 4% if they pay within 10 days from the invoice date, or pay the full amount within 30 days from the invoice date. If the payment is made after 30 days, the buyer must pay the full amount plus any late fees that may apply.

Since the invoice was dated October 15 and the payment was sent on October 28, the payment was made within 30 days from the invoice date, so the buyer cannot take the 4% discount.

The total cost of 50 pairs of shoes at $85 per pair is 50 * 85 = $4250.

Therefore, the total amount of the check would be $4250, which is the full amount of the purchase price without the 4% discount.