Contemporary Business Mathematics with Canadian Applications Study Set 2
Quiz 6: Trade Discounts,cash Discounts,markup,and Markdown
On June 18,an Invoice Dated June 18 for $6250
On June 18,an invoice dated June 18 for $6250.00 less 17%,16%,terms 5/10,n/30,was received by Nova Distributors. a)What is the last day of the discount period? b)What is the amount due if the invoice is paid in full within the discount period?
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The Snow Store received an invoice for $6710.00 dated July 13,terms 5/10,2/30,n/90,for a shipment of skis.The Ski Shop made two partial payments. a)How much was paid July 20 to reduce the unpaid balance to $4000.00? b)How much was paid on August 11 to reduce the outstanding balance by $1700.00?
The Local Dollar Store received an invoice for $8500.00 dated January 31,terms 5/10,2/30,n/90,for a shipment of skis.The Local Dollar Store made two partial payments. a)How much was paid on February 7 to reduce the unpaid balance to $5000.00? b)How much was paid on March 1 to reduce the outstanding balance by $1500.00? c)What was the outstanding balance on the account on March 2? d)How much did the Local Dollar Store save by taking the advantage of the cash discounts?
Kudos furniture sells maple wood bedroom sets for a price of $3560 if the purchase is financed.The company also advertises "no payments and no interest for one year." Joan and her husband suggested to pay cash for the furniture and got an offer from the salesperson for $3382,which they took. (i)How much was the discount for paying cash? (ii)What was the rate of discount on the cash purchase?
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