Question

The Jones Company buys $1,500 worth of goods from the Acme Corporation on credit with a provision of 2.5/10, net 30. The Jones Company desires to get the discount. How much will it have to pay within 10 days to do so?

Answer 1

$1,462.50

Explanation:

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Answer 2

The '2.5/10' part means a 2.5% discount is available if paid within 10 days. (2.5% = 0.025)
Amount of the discount:
($1,500 x 0.025) = $37.50
Amount needed to pay within 10 days is ($1,500 - $37.50) = $1,462.50

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