Calculate the Credit Given for the Partial Payment and the Net

question 24

Short Answer

Calculate the credit given for the partial payment and the net amount due on the invoice, rounding to the nearest cent: $$\begin{array} { l l l l l } \text { Amount of } & \text { Terms of } & \text { Partial } & \text { Credit for Partial } & \text { Net Amount } \\\text { Invoice } & \underline { \text { Sale } } & \underline { \text { Pavment } } & \underline { \text { Pavment } } & \text { Due } \\\$ 362.18 & 4 \frac { 1 } { 2 } / 20 , n / 45 & 200.00 & &\end{array}$$

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Definitions:

Interest

Payment made for the use of borrowed money, calculated as a percentage of the principal sum.

Simple Interest

Interest calculated only on the initial amount of money (principal), not on the interest accrued over time.

Investment

Allocation of resources, such as time, money, or effort, in hope of generating a future benefit or return.

Interest Rate

The interest percentage applied on the sum of money borrowed by an individual from a financial lender.