n June 22, 2024, Text Tech received an invoice from Antique Accents for $8,953.20. The invoice was dated June 20, 2024 and offered terms of 2/10, 1/20, n/30.
In each case below enter the amount Text Tech must pay to settle the bill on the corresponding date.
Click here for help computing the number of days between two dates. For full marks your answer(s) should be rounded to the nearest cent.



payment date 29 july 9 july 20 payment needed?

To calculate the amount that Text Tech must pay on the specified dates, we'll need to consider the payment terms offered: 2/10, 1/20, n/30. Here's a breakdown of what these terms mean:

- **2/10**: A 2% discount if the invoice is paid within 10 days from the invoice date.
- **1/20**: A 1% discount if the invoice is paid within 20 days from the invoice date.
- **n/30**: The full amount is due within 30 days from the invoice date.

### Invoice Details:
- **Invoice Date**: June 20, 2024
- **Invoice Amount**: $8,953.20

### 1. Payment on **July 9, 2024**:
   - Days from Invoice Date: $ 19 $ days (June 20 to July 9)
   - Discount Eligibility: Within 20 days, eligible for a 1% discount.
   - Discount Amount: $ 1\% \times 8,953.20 = 89.532 $
   - Amount to Pay: $ 8,953.20 - 89.53 = 8,863.67 $

### 2. Payment on **July 20, 2024**:
   - Days from Invoice Date: $ 30 $ days (June 20 to July 20)
   - Discount Eligibility: Full amount due (n/30) as it is exactly 30 days from the invoice date.
   - Amount to Pay: $ 8,953.20 $ (no discount)

### 3. Payment on **July 29, 2024**:
   - Days from Invoice Date: $ 39 $ days (June 20 to July 29)
   - Discount Eligibility: No discount since payment is made after the 30-day period.
   - Amount to Pay: $ 8,953.20 $ (no discount)

### Summary of Amounts to Pay:
- **July 9, 2024**: $8,863.67 (1% discount)
- **July 20, 2024**: $8,953.20 (no discount)
- **July 29, 2024**: $8,953.20 (no discount)

Do you want any details or have any questions?

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1. How do you calculate the number of days between two dates?
2. What happens if a payment is made on the 10th day?
3. What is the general formula for calculating the discount amount?
4. What if the payment date falls on a weekend or holiday?
5. How does rounding affect the final payment amount?
6. What are the consequences of missing the payment deadline?
7. Can the terms of payment vary depending on the invoice amount?
8. What are some common variations in payment terms?

**Tip**: Always check the payment terms carefully to take advantage of possible discounts!

Learn how to calculate payment amounts with invoice discounts based on the terms 2/10, 1/20, n/30 for an invoice received from Antique Accents on June 22, 2024. Includes detailed calculations for payments due on July 9, 2024, July 20, 2024, and July 29, 2024.

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