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2 November, 23:50

g Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated May 1 with terms of 1/15, net 45. What is the amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount? a.$194, May 16 b.$97, May 15 c.$97, May 16 d.$194, May 15

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  1. 3 November, 00:53
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    Discount amount = $97 and may 16

    so correct option is c.$97, May 16

    Explanation:

    given data

    sells merchandise on credit = $9,700

    to find out

    amount of the discount and up to what date must the invoice be paid in order for the buyer to take advantage of the discount

    solution

    we know here Invoice amount that is $9700

    so here discount rate till 15 days is 1 %

    so Discount amount will be

    Discount amount = 1% of $9700

    Discount amount = $97

    so from 1 may up to 15 days i. e. may 16

    so correct option is c.$97, May 16
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