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Complete the following:

Note: Do not round intermediate calculations. Round your final answers to the nearest cent.

To complete this table, we will need to calculate:

1. **Amount of payment to be credited** considering any early payment discount.
2. **Balance outstanding** after the payment is applied.

Given dataTo complete this table, we will need to calculate:

1. **Amount of payment to be credited** considering any early payment discount.
2. **Balance outstanding** after the payment is applied.

Given 

- **Invoice amount** = $620
- **Terms** = 3/10, n/60 (This means a 3% discount is available if paid within 10 days, otherwise full payment is due in 60 days).
- **Invoice date** = 7/7
- **Actual partial payment made** = $420
- **Date of partial payment** = 7/16

### Step 1: Calculate the Discount Availability
Since the terms are 3/10, n/60, the payment is eligible for a 3% discount if made within 10 days of the invoice date.

- The invoice date is 7/7.
- The discount period ends on 7/17 (7/7 + 10 days).
- The partial payment is made on 7/16, which is within the discount period. Therefore, the 3% discount applies.

### Step 2: Calculate the Discount on Partial Payment
Since the payment qualifies for the discount, the actual payment made of $420 includes the discount.

To find the credited amount:
- Let $ x $ be the amount before the discount. 
- The relationship is: $ x - 0.03x = 420 $, which simplifies to $ 0.97x = 420 $.

Solving for $ x $:
\[
x = \frac{420}{0.97} = 433.00
\]

So, the **amount of payment to be credited** is $433.00.

### Step 3: Calculate the Balance Outstanding
The balance outstanding after this partial payment is:

\[
\text{Balance Outstanding} = 620 - 433 = 187.00
\]

### Final Table Values:

- **Amount of payment to be credited** = $433.00
- **Balance outstanding** = $187.00

Let me know if you would like further details or have any questions.

Here are five relative questions for expansion:
1. How would the calculations change if the payment was made after 7/17?
2. What would happen if a full payment had been made on 7/16?
3. How is the discount percentage applied when the payment is partial?
4. Could the payment terms change if there was a penalty for late payment?
5. How would different payment terms (e.g., 2/10, n/30) affect the balance?

### Tip:
Always double-check payment terms to ensure you calculate the correct discounts or penalties when settling invoices.

Learn how to calculate the discounted amount and outstanding balance for a partial payment on an invoice. This problem involves applying a 3% discount for early payment and calculating the remaining balance. Suitable for students in Grades 9-12.

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