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An Invoice That Totals $4,291

question 13

Essay

An invoice that totals $4,291.61 includes a $27 non-taxable shipping charge and 5.2% sales tax. The terms of the invoice are 3/15, n/45. If the invoice is paid within the discount period, how much should be paid?

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Definitions:

Future Sum

The amount of money or value to be received or paid at a specified date in the future.

Interest Rate

The fee, represented as a fraction of the initial sum, that a creditor levies on a debtor for asset utilization.

Interest Rates

A borrower pays this rate, calculated as a percentage of the principle, to a lender in exchange for the use of assets.

Investments

Assets or commodities acquired with the intention of generating income or appreciating in value over time.

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