Final answer:
The term n/15 means the customer has 15 days to pay the full amount without any interest. It is a common credit term used to encourage prompt payment and avoid late fees or interest, which can be imposed if payment is made after the due date.
Step-by-step explanation:
When Natara Morris purchased merchandise on credit with terms n/15, it means that the customer has 15 days to pay the full amount without any interest. Credit terms like n/15 are common in business to encourage prompt payment. They indicate that the net amount is due within the specified number of days, which in this case is 15 days.
Understanding credit terms is important, especially when considering the cost of borrowing and the potential for late fees or interest. For instance, if a payment is made after the due date, late fees may apply, such as those mentioned where a credit card company charges $10 when a payment is late and $5 a day each day the payment remains unpaid. On the other hand, the earlier assertion about mortgage terms like 15 or 30 years is not relevant to the question about short-term credit terms applicable to purchases.