Solve each problem. Show all your work in the space provided.
Question 1
1.
An invoice dated July 26th has the terms 2/15, n/30, with a 4% penalty for a late payment. The net price of the invoice is $35,000. What is the last day to receive the discount?
Question 2
2.
An invoice dated July 26th has the terms 2/15, n/30, with a 4% penalty for a late payment. The net price of the invoice is $35,000. Calculate the net amount if the invoice is paid on date you found in question #1?
Question 3
3.
An invoice dated July 26th has the terms 2/15, n/30, with a 4% penalty for a late payment. The net price of the invoice is $35,000. Calculate the net amount if the invoice is paid on August 30th?
Question 4
4.
An invoice dated January 14th has the terms 3/10, 1/15, n/45, with a 4% penalty for a late payment. The price of the invoice is $210,000. What is the last day to receive the 3% discount?
Question 5
5.
An invoice dated January 14th has the terms 3/10, 1/15, n/45, with a 4% penalty for a late payment. The price of the invoice is $210,000. Calculate the net amount if the invoice is paid on the date you found in question #4.
Question 6
6.
An invoice dated January 14th has the terms 3/10, 1/15, n/45, with a 4% penalty for a late payment. The price of the invoice is $210,000. What is the last day to receive the 1% discount?
Question 7
7.
An invoice dated January 14th has the terms 3/10, 1/15, n/45, with a 4% penalty for a late payment. The price of the invoice is $210,000. Calculate the net amount if the invoice is paid on the date you found in question #6.
Question 8
8.
An invoice dated January 14th has the terms 3/10, 1/15, n/45, with a 4% penalty for a late payment. The price of the invoice is $210,000. What is the last day to pay the invoice without any late fees?
Question 9
9.
An invoice dated January 14th has the terms 3/10, 1/15, n/45, with a 4% penalty for a late payment. The price of the invoice is $210,000. Calculate the net amount if the invoice is paid on March 10th.
Question 10
10.
An invoice dated October 26th has the terms 4/10, n/30, with a 6% penalty for a late payment. The net price of the invoice is $78,900. What is the last day to receive the discount?
Question 11
11.
An invoice dated October 26th has the terms 4/10, n/30, with a 6% penalty for a late payment. The net price of the invoice is $78,900. Calculate the net amount if the invoice is paid on the date you found in question #10.
Question 12
12.
An invoice dated October 26th has the terms 4/10, n/30, with a 6% penalty for a late payment. The net price of the invoice is $78,900. Calculate the net amount if the invoice is paid on November 24th.
Question 13
13.
An invoice dated October 26th has the terms 4/10, n/30, with a 6% penalty for a late payment. The net price of the invoice is $78,900. Calculate the net amount if the invoice is paid on December 9th.