the home improvement store has received an invoice of $2,780 dated august 28, terms 2/10,1/20, n/30. each…

the home improvement store has received an invoice of $2,780 dated august 28, terms 2/10,1/20, n/30. each parts are separate and independent. (a) what payment must be made on september 5 to reduce the debt by $1,000? (b) what payment must be made on september 15 to reduce the debt to $1,000? (c) if home improvement store made two payments: $1,000 on september 5 and another $1,000 on september 15th. how much is the balance owing after these two payments? leave your answer in 2 decimal places. question 3 (4 points) retake question question 4 (4 points) retake question

the home improvement store has received an invoice of $2,780 dated august 28, terms 2/10,1/20, n/30. each parts are separate and independent. (a) what payment must be made on september 5 to reduce the debt by $1,000? (b) what payment must be made on september 15 to reduce the debt to $1,000? (c) if home improvement store made two payments: $1,000 on september 5 and another $1,000 on september 15th. how much is the balance owing after these two payments? leave your answer in 2 decimal places. question 3 (4 points) retake question question 4 (4 points) retake question

Answer

Explanation:

Step1: Identify the invoice amount and desired debt - reduction amounts

The invoice amount is $2,780.

Step2: Solve part (a)

The terms 2/10, 1/20, n/30 mean a 2% discount if paid within 10 days, 1% discount if paid within 20 days, and net due in 30 days. September 5 is within 10 days of August 28. To reduce the debt by $1,000 with a 2% discount, let the payment amount be $x$. The amount credited to the debt is $x(1 + 0.02)$ (since we are paying less than the debt - amount due to the discount). If $x(1 + 0.02)=1000$, then $x=\frac{1000}{1.02}\approx980.39$.

Step3: Solve part (b)

The invoice amount is $2,780. We want to reduce the debt to $1,000 on September 15. The amount to be paid is $2780 - 1000=1780$.

Step4: Solve part (c)

The initial debt is $2,780$. After the first payment of $1,000$ on September 5, the remaining debt is $2780 - 1000 = 1780$. After the second payment of $1,000$ on September 15, the remaining balance is $1780-1000 = 780.00$.

Answer:

(a) $980.39 (b) $1780.00 (c) $780.00