Vail Ski Shop received a $1,209 invoice dated July 16 with 2/10, 1/15, n/60 terms. On July 30, Vail...

Question

Vail Ski Shop received a $1,209 invoice dated July 16 with 2/10, 1/15, n/60 terms. On July 30, Vail sent a $493 partial payment. (If more than one discount, assume date of last discount)

a.What credit should Vail receive? (Round your answer to the nearest cent.)

Credit $

b.What is Vail’s outstanding balance? (Round your answer to the nearest cent.)

Outstanding balance $

Dr. Saloni · Accepted Answer

3
Basic Mathematics
A.
100%-1% = 99% = 0.99
493/0.99=497.98
Vail should receive the credit of 497.98 (Joshi, 2008).
B.
1,209−497.98=711.02
Vail’s outstanding balance is 711.02 (Joshi, 2008).
Reference
Joshi, M.S. (2008). The concepts and practice of mathematical finance. Cambridge;

Vail Ski Shop received a $1,209 invoice dated July 16 with 2/10, 1/15, n/60 terms. On July 30, Vail sent a $493 partial payment. (If more than one discount, assume date of last discount) a. What...

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