Short Answer
An invoice for $2678.50 dated April 15 has terms 1½ /15, EOM
a. When does the discount period end?
b. When does the credit period end?
c. What payment on April 30 will reduce the outstanding balance by $800?
d. If an additional payment of $800 is made on May 5, what will be the new balance?
e. What further payment on May 10 will reduce the outstanding balance to $800?
Correct Answer:
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a) May 15
b) Jun 4
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Correct Answer:
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b) Jun 4
c...
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