Joanne's dress shop received an invoice dated july 25 for $1,400, with terms of 2/10, 1/15, n/60. on august 8, joanne's dress shop sent a partial payment of $750. the actual amount that should be credited is:

The actual amount that should be credited is $757.58.

Solution:

Given that,

2% Discount if paid in 10 days.

1% Discount if paid in 15 days, (but greater that 10 days)

Net due in 60 days.

That is,

will close the acount on days 1-10

will close the acount on days 11-15

And August 8 is Day 15 and falls under the 1% discount rule.

Therefore, we have to divide the partial payment by the complement of the discount rate.

from the balance, and is due by day 60.

step-by-step explanation:

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