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Thread: Discount question

  1. #1
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    Discount question

    The star camera center ordered a special lens from one of their suppliers. This lens is listed at 600 dollars with trade discounts of 20% and 5%. An invoice dated November 14 with terms 8/10, 4/20, n/30 EOM was enclosed with the lens when it was delivered to the Star Camera Centre on November 17. Determine for the Star Camera Centre the size of the partial payment they must make to their supplier on December 10 in order to reduce the unpaid balance to 200 dollars.
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  2. #2
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    Re: Discount question

    Hey cyrus23.

    Can you show any attempts for your work?
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  3. #3
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    Re: Discount question

    CP = 600 (1-8)(1-20)(1-5)
    CP = 600 (0.92)(0.8)(0.95)
    CP = 600 (0.6992)
    CP = 419.52

    this is all i have so far
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  4. #4
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    Re: Discount question

    I'm not sure what the EOM terms mean but discounts are fairly simple (you do 1 - x where x is the discount in fraction form).

    If you don't have interest payments then the calculation is a lot easier.

    You should probably show your understanding of the formula and label all variables so that we can go through it and you can explain your reasoning behind the answer you have given.
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  5. #5
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    Re: Discount question

    EOM means end of the month
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  6. #6
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    Re: Discount question

    Quote Originally Posted by cyrus23 View Post
    CP = 600 (1-8)(1-20)(1-5)
    CP = 600 (0.92)(0.8)(0.95)
    CP = 600 (0.6992)
    CP = 419.52
    this is all i have so far
    Your work/attempt is quite messy; is that the way you were taught?
    That seems to be your attempt at calculating the net purchase amount;
    discounts are 20 + 5 = 25%; 600 * .25 = 150; 600 - 150 = 450:
    WHY do you show (1-8)?
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  7. #7
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    Re: Discount question

    the answer isn't 450, it shows that the answer is 235.52
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  8. #8
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    Re: Discount question

    Quote Originally Posted by cyrus23 View Post
    the answer isn't 450, it shows that the answer is 235.52
    I told you net PURCHASE PRICE was 450.
    To be left with 200 means 450 - 250 :
    that 250 becomes 235.52 after the discounts for early payment;
    YOU calculate that: we don't do your homework here...
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