Goods that are invoiced on July 28 are received on August 7.

f.  Find the net payment date if terms are 3/10-20X

 

Start date (date from which net payment date is calculated): 

Answer 1 Question 6
July

Answer 2 Question 6
28

 

Number of days from start date until net payment date: 

Answer 3 Question 6

 

Net Payment Date:

Answer 4 Question 6
September


To find the **net payment date**, we need to break down the details based on the information provided.

1. **Invoiced date**: July 28
2. **Terms of payment**: 3/10-20X

### Explanation of Terms (3/10-20X):
- **3/10** means a 3% discount is available if the payment is made within 10 days of the invoice date (July 28).
- **20X** means the full payment is due 20 days after the end of the invoice month (July 28 is in July, so the end of the month is July 31).

### Net Payment Date Calculation:
- The net payment date is 20 days after the end of July.
- End of July: **July 31**
- Adding 20 days: **August 20**

Thus, the **net payment date** is **August 20**.

#### Summary:
1. **Start date (date from which net payment date is calculated):** July 31 (end of the invoice month).
2. **Number of days from start date until net payment date:** 20 days.
3. **Net Payment Date:** August 20, not September.

Would you like more details on how I calculated it?

Here are 5 related questions:
1. How would a 3% discount change the total payment?
2. What happens if payment is made after the net payment date?
3. Can the receipt date (August 7) impact the payment schedule?
4. What is the importance of understanding payment terms in business transactions?
5. How do different payment terms (e.g., 2/15-30X) compare?

**Tip:** Always carefully read the payment terms on an invoice, as they dictate important deadlines for discounts and full payment.

Goods that are invoiced on July 28 are received on August 7. Find the net payment date if terms are 3/10-20X.

Learn how to calculate the net payment date for goods invoiced on July 28 with payment terms of 3/10-20X. This solution explains the date calculation and payment schedule, providing step-by-step guidance on finding the net payment date as August 20. Suitable for students in Grades 10-12.

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