An invoice of $1,000 for merchandise purchased is showing 3/15,n/30 as terms of credit.If the invoice is paid on or before the fifteenth day after the invoice date,the amount to be paid is ________.
A) $970
B) $1,000
C) $1,030
D) $1,033

Question

Quizplus · Accepted Answer

3/15, n/30 means a discount of 3% is offered if paid within 15 days, otherwise the full amount is due in 30 days. 
Discount = 3/100 x $1,000 = $30
Amount to be paid if paid within 15 days = $1,000 - $30 = $970.

An Invoice of $1,000 for Merchandise Purchased Is Showing 3/15,n/30