Based on the terms of the invoice, the gross amount on the invoice and the date of payment, the cash discount is $19 and the net amount paid is $931.
<h3 /><h3>What is the cash discount?</h3>
The terms of the invoice are such that if the person pays within 10 days they get a 3% discount. If they pay in 15 days, they get a 2% discount.
The person paid on the 22nd after buying on the 8th so they qualify for the 2% for paying within 15 days.
The cash discount is:
= 2% x 950
= $19
The net amount paid is:
= 950 - 19
= $931
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