What is the meaning of (a) 1/15, n/60; (b) n/30; (c) n/eom?

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The terms listed are payment terms. Payment terms are defined as the time period within which a firm expects payment for goods or services rendered. The terms listed above are defined as:

1/15, n/60 is the payment term defined under the conditions of sale is Net 60 meaning that the firm expects payment within 60 days of the invoice date. However, should the receiver of the goods/services pay within 15 days of invoice date they can take a discount of 1% of the total dollar amount of the goods / services rendered.

n/30 is the payment term defined under the conditions of sale is Net 30 meaning that the firm expects payment within 30 days of the invoice date.

n/eom is the payment term defined under the conditions of sale is Net End of Month, meaning that the firm expects payment at the end of the month relative to the invoice date.

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