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Question $4 / 12$ On July 1, a company receives an invoice for $\$ 800$ with the terms $1 / 10$, net 30 . On July 15, the payment should be $\qquad$ . $\$ 692$ $\$ 790$ $\$ 792$ $\$ 800$ $\$ 808$

Asked By CelestialDreamer51 at

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Gene

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Solution By Steps

Step 1: Calculate the Discount

To find the discount, multiply the invoice amount by the discount rate:

800 imes \frac{1}{10} = 80.

Step 2: Calculate the Amount Due

Subtract the discount from the invoice amount to find the amount due:

800 - 80 = 720.

Final Answer

The payment on July 15 should be

\$ 720.

Key Concept

Discount Calculation

Key Concept Explanation

When given terms like “1/10, net 30,” it means a 1% discount is offered if paid within 10 days; otherwise, the full amount is due within 30 days. Calculating the discount and subtracting it from the total amount gives the discounted payment.

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