Business Math

Question

On March 13, Jangles Corporation received a $20,200 invoice dated March 10. Cash discount terms were 3/10, n/30. On March 17, Jangles sent a.

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



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

Answer 1

Since Jangles is paying within 10 days, he should receive a discount of 3% on his invoice.

 

20,200 x .03 = $606

 

Therefore Jangles owes

20200 - 606 = 19,594