What amount must be remitted if invoices dated July 25 for $858, August 10 for $783 and August 29 for $969, all terms 3/15 E.O.M., are paid together on September 12? Round your final answer...

What amount must be remitted if invoices dated July 25 for $858, August 10 for $783 and August 29 for $969, all terms 3/15 E.O.M., are paid together on September 12?

Round your final answer properly to two decimal places.

$    

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aruv | High School Teacher | (Level 2) Valedictorian

Posted on

The term 3/15 EOM (end of the month) implies  3% discount if the bill  is paid within 15 days next month of the month in which invoice was generated. There is exception if invoice generated on or after 26 the month then 3/15 next to next month of the invoice generated month.

Thus invoices has 3/15 E.O.M terms. 

Invoices dated July 25 for $858 = no discount

Invoice dated August 10 for $783 discount = .03 x 783

                                                             = 23.49

 Invoice August 29 for $969 discount = .03 x 969

                                                      = 29.07

Thus total discount = 0+23.49+29.07

                            = 52.56

Amount must be remited = 858+ 783+969 -52.56

                                    = 2557.44

  

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