winter 2025 math119 test 1a page 3 of 9 (marks) (5) 4. fairline inc. sent hoover ltd. an invoice dated…

Explanation:

Step1: Calculate number of days from invoice date

The invoice is dated November 17 and the payment is on December 4. November has 30 days. So number of days from November 17 to November 30 is $30 - 17=13$ days. Then from December 1 - December 4 is 4 days. Total days $=13 + 4=17$ days.

Step2: Identify discount rate

The terms 6/15, 3/30, n/45 mean a 6% discount if paid within 15 days, 3% discount if paid within 30 days and net - amount due within 45 days. Since 17 days have passed, the applicable discount rate is 3%.

Step3: Calculate credit received

Let the credit received be $x$. We know that the amount paid $A$ is related to the credit received by the formula $A=(1 - r)x$, where $r$ is the discount rate. We are given $A = 8075.25$ and $r=0.03$. Rearranging the formula for $x$ gives $x=\frac{A}{1 - r}$. Substituting the values, we have $x=\frac{8075.25}{1 - 0.03}=\frac{8075.25}{0.97}=8325$.

Answer:

$8325$