To solve this problem, let's go step by step.

1. Understanding the Invoice Terms

• Terms 2/15, n/30 means:
  • A 2% discount is available if payment is made within 15 days of the invoice date (by August 21, since the invoice was issued on August 6).
  • Otherwise, the net (full) amount is due within 30 days (by September 5).

2. Partial Payment on August 12

• A partial payment of $1,150 was made on August 12. Since this is within the discount period (before August 21), this partial payment is eligible for a 2% discount.

Discount on Partial Payment:

The discount is 2% of the amount paid: $\text{Discount on partial payment} = 0.02 \times 1150 = 23$ So, the amount applied to the invoice is: $1150 + 23 = 1173$ Thus, the remaining balance on the invoice after the partial payment is: $3500 - 1173 = 2327$

3. Final Payment on August 31

• The final payment is made on August 31, which is after the discount period (August 21). Hence, no discount is applicable for this final payment.

Thus, the final payment is the full remaining balance of $2,327.

Final Answer:

The final payment made on August 31 is $2,327.00.

Would you like more details on any part of this calculation? Here are some related questions you might find useful:

1. How do payment terms like 2/15, n/30 work in business?
2. How would the final payment change if the partial payment was made after the discount period?
3. What happens if no partial payment is made within the discount period?
4. How would you calculate the final payment if the discount period was different?
5. What is the formula for calculating discounts on partial payments?

Tip: Always pay attention to the payment dates when discounts are involved—early payments can save money!