Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller

Exercise 56

Find the discount date and net payment date for the following. (The net payment date is 20 days after the final discount date. See Examples.)
Using Proximo Dating
Find the amount due on an invoice of $782 for some Black and Decker Belgian waffle makers dated August 3, if terms are 1/10 prox. and the invoice is paid on September 4.
SOLUTION
The last date on which the discount may be taken is September 10 ( 10 days after the end of August). September 4 is within the discount period, so the discount is earned. The 1% cash discount is computed on $782, the amount of the invoice. Subtract the discount ($782 ×.01 = $ 7.822 from the invoice amount to find the amount due.

Using Receipt-of-Goods Dating
Best Buy received an invoice dated December 12, with terms of 2/10 ROG. The goods were received on January 2. Find (a) the final date on which the cash discount may be taken and (b) the net payment date.
SOLUTION
(a) The discount date is January 12 ( 10 days after receipt of goods, January 2 plus 10 days ).(b) The net payment date is February 1 ( 20 days after the last discount date).

Using Extra Dating
An invoice for Oster blenders is dated November 23 with terms of 2/10-50 ex. Find (a) the final date on which the cash discount may be taken and (b) the net payment date.
SOLUTION
(a) The discount date is January 22 ( 7 days remaining in November + 31 days in December = 38; thus, 22 more days are needed in January to total 60).(b) The net payment date is February 11 ( 20 days after the last discount date).