The Coffee Corner receives an invoice amounting to ​$558.60 with terms of 5 divided by 7​, net 47. The invoice is dated August 20 AS OF September 7. If a partial payment of ​$483.60 is made on September 11​, find the credit for the partial payment and the balance due on the invoice.


Let's break this problem down step by step.

### Given Information:
1. **Invoice amount**: $558.60
2. **Terms**: 5/7, net 47
    - This means Coffee Corner receives a 5% discount if payment is made within 7 days, and the total amount is due within 47 days.
3. **Invoice Date**: August 20, but the terms are "AS OF September 7."
    - This means the terms start on **September 7**, not August 20.
4. **Partial payment**: $483.60 made on **September 11**.
    - Since September 11 is within 7 days of September 7, Coffee Corner is eligible for the 5% discount.

### Step 1: Apply the Discount for the Partial Payment
Since the payment is within the discount period, Coffee Corner gets a 5% discount.

\[
\text{Discount} = 5\% \times 483.60 = 0.05 \times 483.60 = 24.18
\]

So, the credit for the partial payment will be:

\[
\text{Credit} = 483.60 + 24.18 = 507.78
\]

### Step 2: Calculate the Balance Due
The initial invoice amount was $558.60. After applying the credit from the partial payment, the balance is:

\[
\text{Balance} = 558.60 - 507.78 = 50.82
\]

### Final Results:
1. **Credit for the partial payment**: $507.78
2. **Balance due on the invoice**: $50.82

Would you like further details or have any other questions? Here are some related questions:

1. How is a discount calculated for early payments?
2. What do invoice terms like "net 30" or "net 60" mean?
3. How can businesses benefit from paying invoices early?
4. What happens if an invoice is not paid within the specified terms?
5. How would the balance differ if the payment were made after September 14?

**Tip**: Always double-check payment terms to ensure you take full advantage of discounts!

The Coffee Corner receives an invoice amounting to ​$558.60 with terms of 5 divided by 7​, net 47. The invoice is dated August 20 AS OF September 7. If a partial payment of ​$483.60 is made on September 11​, find the credit for the partial payment and the balance due on the invoice.

This problem explains how to calculate the credit for a partial payment of $483.60 on an invoice of $558.60 with terms of 5/7, net 47. The payment is made within the discount period, resulting in a 5% discount. Learn the step-by-step solution to find the final balance due on the invoice, suitable for Grades 9-12.

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