On May 27, trotter hardware store received an invoice for trash barrels purchase

Question

On May 27, trotter hardware store received an invoice for trash barrels purchased for $13,650 with terms of 3/10, EOM; the freight charge, which is included in the price, is $412. What are (a) the last day of the discount period and (b) the amount of the payment due on this date? On May 27, trotter hardware store received an invoice for trash barrels purchased for $13,650 with terms of 3/10, EOM; the freight charge, which is included in the price, is $412. What are (a) the last day of the discount period and (b) the amount of the payment due on this date?

Explanation / Answer

a) The last day of discount period is = 27/05 + 10 days = 06/06 i.e 06 june.

b) Amount of payment dueon 06 june = (13650-412)*.97 =$12,840.86

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