Math Problem Statement
An invoice for $10,388 dated May 20 with terms of 2/10, 1/25, n/60 was partially paid on May 27. If the invoice balance was reduced to $5,423, what was the amount of the payment? Assume the payment was received on the date indicated.
Solution
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Math Problem Analysis
Mathematical Concepts
Percentage Discounts
Invoice Payment Terms
Basic Arithmetic
Formulas
Amount Paid = Original Invoice Amount - Remaining Balance
Amount before Discount = Amount Paid / (1 - Discount Percentage)
Theorems
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Suitable Grade Level
Grades 9-12