The amount paid on the invoice on the 15th day is $16,745.00
What does 15/15, n/30 sales terms mean?
The sales terms of 15/15, n/30 means that a discount of 15% is available if the payment is made within the first 15 days of invoice date, such that the full invoice amount is expected to be paid on the 30th day if the discount opportunity is not taken up.
The fact that the payment is made on the 15th day means that customer is still entitled to 15% discount
discount of 15%=$19,700*15%
discount of 15%=$2,955.00
Amount payable=invoice amount-discount
Amount payable on 15th day=$19,700.00- $2,955.00
Amount payable on 15th day=$16,745.00
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Complete question:
Quick depot buys tools from a supplier with an invoice amount of $19,700. The terms of the sale are 15/15, n/30. What is the net amount due on the order if the bill is paid on the 15th day?
