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Jacob Co. sells merchandise on credit to Isaiah Co. for $9,700. The invoice is dated on 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?

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sqdancefan

Answer:

  1% by May 16

Explanation:

The "1/15" part of the terms means there will be a 1% discount if the invoice is paid within 15 days. 15 days from May 1 is May 16.

The discount is 1% if the invoice is paid by May 16.

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