Question

pace design received an invoice of $8,010 dated july 13 with terms 2/15, n/25. pace design paid $3,000 on july 28, and $1,000 on july 31. what balance is still owed after july 31?

Answer 1

Pace Design received an invoice for $8,010 and made payments of $3,000 on July 28 and $1,000 on July 31. After these payments, they still owe $4,010 on the invoice.

Step-by-step explanation:

The subject of this question is a practical application of mathematics, specifically in relation to finance and invoice payment calculations. Pace Design received an invoice of $8,010 dated July 13 with terms 2/15, n/25. This means they can take a 2% discount on the invoice amount if paid within 15 days, otherwise, the net (full) amount is due within 25 days.

To determine the balance owed after July 31, let's break down the payments made by Pace Design:

1. On July 28, an amount of $3,000 was paid. Since this is past the 15-day mark, no discount applies.
2. On July 31, an additional payment of $1,000 was made, which also does not qualify for a discount.

Therefore, the total paid is $3,000 + $1,000 = $4,000.

The initial invoice amount was $8,010, so subtracting the total payments made gives us the balance still owed:

$8,010 - $4,000 = $4,010.

After July 31, Pace Design still owes $4,010 on the invoice.