Math Problem Statement
An invoice for $3,500 with terms 2/15, n/30 is dated August 6. A partial payment of $1,150 is made on August 12. What is the amount of the final payment made on the last day of August if this payment settles the invoice? 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.
Final payment = $0.00
Solution
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Math Problem Analysis
Mathematical Concepts
Percentage Calculations
Discount Terms
Invoice Settlement
Formulas
Discount = Payment Amount × Discount Rate
Final Payment = Remaining Invoice Balance - Partial Payment Discount
Theorems
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Suitable Grade Level
Grades 9-12
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