{"id":135,"date":"2020-04-18T10:41:09","date_gmt":"2020-04-18T14:41:09","guid":{"rendered":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/?post_type=chapter&#038;p=135"},"modified":"2025-01-30T11:08:35","modified_gmt":"2025-01-30T16:08:35","slug":"payment-terms","status":"publish","type":"chapter","link":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/chapter\/payment-terms\/","title":{"raw":"1.7 Cash Discounts","rendered":"1.7 Cash Discounts"},"content":{"raw":"In the previous section you learned to calculate the prices businesses paid for goods. This section examines the <em>terms <\/em><em>of payment <\/em>allowed by sellers.\r\n\r\nAfter goods are sold, the vendor sends a request for payment to the purchaser. This request is usually on an <em>invoice, <\/em>a document which lists all the pertinent facts about the transaction, including the following:\r\n<ul>\r\n \t<li>the items sold, with list prices<\/li>\r\n \t<li>the trade discounts<\/li>\r\n \t<li>conditions of delivery<\/li>\r\n \t<li>other charges (e.g., freight)<\/li>\r\n \t<li>the PAYMENT TERMS.<\/li>\r\n<\/ul>\r\n<h1>Payment Terms<\/h1>\r\nUsually payment is not required immediately and a payment period (for example, 60 days) is given. This payment period normally begins on the date of the invoice (that is, the next day is day 1) and payment is expected by the last day of the period. The payment period allows for goods to be partly or wholly resold by the purchasing company before payment is due, and is thus an inducement to buy from the seller.\r\n\r\n&nbsp;\r\n<div>\r\n<div class=\"textbox textbox--key-takeaways\"><header class=\"textbox__header\">\r\n<p class=\"textbox__title\">Key Takeaway<\/p>\r\n\r\n<\/header>\r\n<div class=\"textbox__content\"><em>A cash discount <\/em><em>encourages <\/em><em>early payment.<\/em><\/div>\r\n<\/div>\r\n<\/div>\r\n&nbsp;\r\n\r\nSellers have to finance the sale during the payment period and consequently some sellers encourage payment before the end of the period by allowing a discount, called a <em>cash discount, <\/em>for early payment. The discount also helps to ensure preferential payment to the seller by companies that may be experiencing difficulties meeting all payment commitments.\r\n\r\nThe following are examples of terms:\r\n<table>\r\n<tbody>\r\n<tr>\r\n<td style=\"width: 164.433px;\">2\/10, n\/30\r\n\r\n&nbsp;<\/td>\r\n<td style=\"width: 799.7px;\">2% discount allowed if paid within 10 days, otherwise net (full) payment due within 30 days (of the invoice date).\r\n\r\n&nbsp;<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 164.433px;\">1\/15, n\/60 ROG\r\n\r\n&nbsp;<\/td>\r\n<td style=\"width: 799.7px;\">1% discount if paid within 15 days of the RECEIPT OF GOODS, otherwise net payment due 60 days from receipt of goods.\r\n\r\n&nbsp;<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 164.433px;\">2\/5, n\/30, EOM\r\n\r\n&nbsp;<\/td>\r\n<td style=\"width: 799.7px;\">2% discount if paid within 5 days of the END OF THE INVOICE MONTH, otherwise full payment due 30 days from the end of the current month.\r\n\r\n&nbsp;<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n&nbsp;\r\n<div>\r\n<div class=\"textbox textbox--key-takeaways\"><header class=\"textbox__header\">\r\n<p class=\"textbox__title\">Key Takeaway<\/p>\r\n\r\n<\/header>\r\n<div class=\"textbox__content\">The payment period normally begins on the date of the invoice.<\/div>\r\n<\/div>\r\n<h2>Example 1.7.1<\/h2>\r\nConsider the following invoice:\r\n<div class=\"textbox shaded\">\r\n\r\n<strong>Ajax Wholesale Ltd.<\/strong>\r\n\r\n<strong>Invoice No:<\/strong> 16274\r\n\r\n<strong>Date:<\/strong> August 15, 2020\r\n\r\n<strong>Ship via:<\/strong> Hermes Delivery\r\n\r\n<strong>Special Instructions:<\/strong>\r\n\r\n<strong>Sold to:<\/strong> Electronicks Ltd.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 None\r\n\r\n110 B Avenue Surrey, BC\r\n\r\n<strong>Ship to: <\/strong>Same\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 PST Exemption #XXXXXXX\r\n\r\n<strong>Terms: <\/strong>2\/5, n\/30 FOB\r\n<table class=\"grid\" style=\"border-collapse: collapse; width: 100%;\" border=\"0\">\r\n<tbody>\r\n<tr>\r\n<th style=\"width: 25%;\" scope=\"col\">Quantity<\/th>\r\n<th style=\"width: 25%;\" scope=\"col\">Description<\/th>\r\n<th style=\"width: 25%;\" scope=\"col\">List Price Per Unit<\/th>\r\n<th style=\"width: 25%;\" scope=\"col\">Amount<\/th>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 25%;\">15<\/td>\r\n<td style=\"width: 25%;\">#1472 AM-FM Radio; less 30%<\/td>\r\n<td style=\"width: 25%;\">$17.50<\/td>\r\n<td style=\"width: 25%;\">$183.75<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 25%;\">10<\/td>\r\n<td style=\"width: 25%;\">#1821 Telephone; less 30%<\/td>\r\n<td style=\"width: 25%;\">$12.25<\/td>\r\n<td style=\"width: 25%;\">$85.75<\/td>\r\n<\/tr>\r\n<tr>\r\n<td style=\"width: 25%;\">10<\/td>\r\n<td style=\"width: 25%;\">#2171 Answering machine; less 30%, 10%<\/td>\r\n<td style=\"width: 25%;\">$36.00<\/td>\r\n<td style=\"width: 25%;\">$226.80<\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<p style=\"text-align: right;\"><strong>Subtotal:<\/strong> $496.30<\/p>\r\n<p style=\"text-align: left;\"><strong>Delivery charge:<\/strong> $35.00<\/p>\r\n<p style=\"text-align: left;\"><strong>TOTAL PAYABLE:<\/strong> $531.30<\/p>\r\n\r\n<\/div>\r\n<\/div>\r\nNote that the amounts calculated have the trade discounts deducted, but do not have the cash discounts deducted since it is not known whether or not the purchaser will pay early.\r\n\r\nThe delivery charge is listed separately and cash discounts are not usually allowed on it. This is because the delivery in this case is not the seller's business; it is being paid on behalf of the purchaser.\r\n\r\nIf the invoice was paid in full by August 20, 2020, the payment would be:\r\n<p style=\"text-align: center;\">[latex]$496.30 \\times (1-0.02)+$35 =$531.37[\/latex]<\/p>\r\nOtherwise the full amount would be due on September 14, 2020.\r\n\r\n&nbsp;\r\n<div class=\"textbox textbox--exercises\"><header class=\"textbox__header\">\r\n<p class=\"textbox__title\">Knowledge Check 1.7<\/p>\r\n\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n\r\nAn invoice dated September 3, 2020, for six television sets with a list price of $749.00 has trade discounts of 30% and 5%. If the payment terms are 3\/10, n\/30, what is the payment required if the cash discount is taken?\r\n\r\n<a href=\"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/chapter\/learning-activities-answer-key\/\"><em>Answers at the end of chapter.<\/em><\/a>\r\n\r\n<\/div>\r\n<\/div>\r\n&nbsp;\r\n<h1>Partial Payments<\/h1>\r\nSometimes it is not possible to pay an entire invoice at once.\u00a0 In this case, we can apply the discount to only part of an amount owing.\u00a0 This is called a [pb_glossary id=\"732\"]partial payment[\/pb_glossary].\r\n<h2>Example 1.7.2<\/h2>\r\nS&amp;C sports receives an invoice for $4,500 for a shipment of curling shoes.\u00a0 The invoice is dated April 1 and has terms 3\/10, 2\/15, n\/30.\r\n<ol type=\"a\">\r\n \t<li>On April 6, S&amp;C sent in a payment of $1000.\u00a0 The Curling Equipment company gives discounts for partial payments.\u00a0 How much does S&amp;C owe on the invoice?<\/li>\r\n \t<li>S&amp;C plans to send in a second and final payment on April 11. How much should this payment be?<\/li>\r\n<\/ol>\r\n&nbsp;\r\n\r\nFor part (a), we need to see how much credit should be given for the $1,000 payment, given that it is eligible for a 3% discount.\u00a0 The discount applies to the <strong>credit given <\/strong>(the part of the invoice that is paid off) and <strong>not<\/strong> to the <strong>amount paid.\u00a0 <\/strong>\r\n<ul>\r\n \t<li>To calculate how much to pay <strong>multiply<\/strong> by (1 \u2013 d)<\/li>\r\n \t<li>\u00a0If given the amount paid <strong>divide<\/strong> by (1 \u2013 d) to get the credit<\/li>\r\n<\/ul>\r\nTo see this, we can solve the equation:\r\n<p style=\"text-align: center;\">[latex]Credit(1-0.03)=$1,000[\/latex]<\/p>\r\nDividing both sides by (1-0.03), we have:\r\n<p style=\"text-align: center;\">[latex]Credit = \\frac{$1,000}{1-0.03}=$1,030.93[\/latex]<\/p>\r\nSo, by paying the $1,000 early, S&amp;C now owes only:\r\n<p style=\"text-align: center;\">[latex]$4,500-$1,030.93= $3,469.07[\/latex]<\/p>\r\nTo solve (b), we <strong>multiply<\/strong> the amount owing by (1-0.02) to see that the final payment is:\r\n<p style=\"text-align: center;\">[latex]$3,469.07 (1-0.02)= $3,399.69[\/latex]<\/p>\r\n\r\n<div>\r\n<div class=\"textbox textbox--key-takeaways\"><header class=\"textbox__header\">\r\n<p class=\"textbox__title\">Key Takeaways<\/p>\r\n\r\n<\/header>\r\n<ul>\r\n \t<li>Not all suppliers allow retailers to receive a cash discount when only part of the invoice is paid early (partial payments).<\/li>\r\n \t<li>In this text, we always assume retailers will receive a discount on the portion of the invoice that was paid early.<\/li>\r\n \t<li>You will notice that we did some intermediate rounding in the problem above.\u00a0 Often companies will do this type of intermediate rounding when storing amounts, but it is always important to check with the supplier, to see how they record the numbers.<\/li>\r\n<\/ul>\r\n<div><\/div>\r\n<\/div>\r\n<div class=\"textbox textbox--exercises\"><header class=\"textbox__header\">\r\n<p class=\"textbox__title\">Knowledge Check 1.8<\/p>\r\n\r\n<\/header>\r\n<div class=\"textbox__content\">\r\n\r\nIn the middle of a kitchen remodel, you decide to splurge on a new refrigerator and range.\u00a0 The range was on back order, but you received the following invoice for the fridge:\r\n<ul>\r\n \t<li>Invoice 1 (fridge): $2,500 dated April 4 (5\/20, n\/30)<\/li>\r\n<\/ul>\r\nOn April 6, you sent in a payment of $760.\u00a0 Two weeks later, you receive the invoice for the range.\u00a0 It has the same terms as the first invoice:\r\n<ul>\r\n \t<li>Invoice 2 (range): $3,250 dated April 19 (5\/20, n\/30)<\/li>\r\n<\/ul>\r\n<ol type=\"a\">\r\n \t<li>If you pay off both debts at the same time, what is the last day you can pay?<\/li>\r\n \t<li>How much will you pay?<\/li>\r\n<\/ol>\r\n<\/div>\r\n<\/div>\r\n&nbsp;\r\n\r\n<\/div>\r\n<h2>Your Own Notes<\/h2>\r\n<ul>\r\n \t<li>Are there any notes you want to take from this section? Is there anything you'd like to copy and paste below?<\/li>\r\n \t<li>These notes are for you only (they will not be stored anywhere)<\/li>\r\n \t<li>Make sure to download them at the end to use as a reference<\/li>\r\n<\/ul>\r\n[h5p id=\"1\"]\r\n\r\n&nbsp;","rendered":"<p>In the previous section you learned to calculate the prices businesses paid for goods. This section examines the <em>terms <\/em><em>of payment <\/em>allowed by sellers.<\/p>\n<p>After goods are sold, the vendor sends a request for payment to the purchaser. This request is usually on an <em>invoice, <\/em>a document which lists all the pertinent facts about the transaction, including the following:<\/p>\n<ul>\n<li>the items sold, with list prices<\/li>\n<li>the trade discounts<\/li>\n<li>conditions of delivery<\/li>\n<li>other charges (e.g., freight)<\/li>\n<li>the PAYMENT TERMS.<\/li>\n<\/ul>\n<h1>Payment Terms<\/h1>\n<p>Usually payment is not required immediately and a payment period (for example, 60 days) is given. This payment period normally begins on the date of the invoice (that is, the next day is day 1) and payment is expected by the last day of the period. The payment period allows for goods to be partly or wholly resold by the purchasing company before payment is due, and is thus an inducement to buy from the seller.<\/p>\n<p>&nbsp;<\/p>\n<div>\n<div class=\"textbox textbox--key-takeaways\">\n<header class=\"textbox__header\">\n<p class=\"textbox__title\">Key Takeaway<\/p>\n<\/header>\n<div class=\"textbox__content\"><em>A cash discount <\/em><em>encourages <\/em><em>early payment.<\/em><\/div>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>Sellers have to finance the sale during the payment period and consequently some sellers encourage payment before the end of the period by allowing a discount, called a <em>cash discount, <\/em>for early payment. The discount also helps to ensure preferential payment to the seller by companies that may be experiencing difficulties meeting all payment commitments.<\/p>\n<p>The following are examples of terms:<\/p>\n<table>\n<tbody>\n<tr>\n<td style=\"width: 164.433px;\">2\/10, n\/30<\/p>\n<p>&nbsp;<\/td>\n<td style=\"width: 799.7px;\">2% discount allowed if paid within 10 days, otherwise net (full) payment due within 30 days (of the invoice date).<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 164.433px;\">1\/15, n\/60 ROG<\/p>\n<p>&nbsp;<\/td>\n<td style=\"width: 799.7px;\">1% discount if paid within 15 days of the RECEIPT OF GOODS, otherwise net payment due 60 days from receipt of goods.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 164.433px;\">2\/5, n\/30, EOM<\/p>\n<p>&nbsp;<\/td>\n<td style=\"width: 799.7px;\">2% discount if paid within 5 days of the END OF THE INVOICE MONTH, otherwise full payment due 30 days from the end of the current month.<\/p>\n<p>&nbsp;<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<div>\n<div class=\"textbox textbox--key-takeaways\">\n<header class=\"textbox__header\">\n<p class=\"textbox__title\">Key Takeaway<\/p>\n<\/header>\n<div class=\"textbox__content\">The payment period normally begins on the date of the invoice.<\/div>\n<\/div>\n<h2>Example 1.7.1<\/h2>\n<p>Consider the following invoice:<\/p>\n<div class=\"textbox shaded\">\n<p><strong>Ajax Wholesale Ltd.<\/strong><\/p>\n<p><strong>Invoice No:<\/strong> 16274<\/p>\n<p><strong>Date:<\/strong> August 15, 2020<\/p>\n<p><strong>Ship via:<\/strong> Hermes Delivery<\/p>\n<p><strong>Special Instructions:<\/strong><\/p>\n<p><strong>Sold to:<\/strong> Electronicks Ltd.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 None<\/p>\n<p>110 B Avenue Surrey, BC<\/p>\n<p><strong>Ship to: <\/strong>Same\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 PST Exemption #XXXXXXX<\/p>\n<p><strong>Terms: <\/strong>2\/5, n\/30 FOB<\/p>\n<table class=\"grid\" style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<th style=\"width: 25%;\" scope=\"col\">Quantity<\/th>\n<th style=\"width: 25%;\" scope=\"col\">Description<\/th>\n<th style=\"width: 25%;\" scope=\"col\">List Price Per Unit<\/th>\n<th style=\"width: 25%;\" scope=\"col\">Amount<\/th>\n<\/tr>\n<tr>\n<td style=\"width: 25%;\">15<\/td>\n<td style=\"width: 25%;\">#1472 AM-FM Radio; less 30%<\/td>\n<td style=\"width: 25%;\">$17.50<\/td>\n<td style=\"width: 25%;\">$183.75<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 25%;\">10<\/td>\n<td style=\"width: 25%;\">#1821 Telephone; less 30%<\/td>\n<td style=\"width: 25%;\">$12.25<\/td>\n<td style=\"width: 25%;\">$85.75<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 25%;\">10<\/td>\n<td style=\"width: 25%;\">#2171 Answering machine; less 30%, 10%<\/td>\n<td style=\"width: 25%;\">$36.00<\/td>\n<td style=\"width: 25%;\">$226.80<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: right;\"><strong>Subtotal:<\/strong> $496.30<\/p>\n<p style=\"text-align: left;\"><strong>Delivery charge:<\/strong> $35.00<\/p>\n<p style=\"text-align: left;\"><strong>TOTAL PAYABLE:<\/strong> $531.30<\/p>\n<\/div>\n<\/div>\n<p>Note that the amounts calculated have the trade discounts deducted, but do not have the cash discounts deducted since it is not known whether or not the purchaser will pay early.<\/p>\n<p>The delivery charge is listed separately and cash discounts are not usually allowed on it. This is because the delivery in this case is not the seller&#8217;s business; it is being paid on behalf of the purchaser.<\/p>\n<p>If the invoice was paid in full by August 20, 2020, the payment would be:<\/p>\n<p style=\"text-align: center;\">[latex]$496.30 \\times (1-0.02)+$35 =$531.37[\/latex]<\/p>\n<p>Otherwise the full amount would be due on September 14, 2020.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"textbox textbox--exercises\">\n<header class=\"textbox__header\">\n<p class=\"textbox__title\">Knowledge Check 1.7<\/p>\n<\/header>\n<div class=\"textbox__content\">\n<p>An invoice dated September 3, 2020, for six television sets with a list price of $749.00 has trade discounts of 30% and 5%. If the payment terms are 3\/10, n\/30, what is the payment required if the cash discount is taken?<\/p>\n<p><a href=\"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/chapter\/learning-activities-answer-key\/\"><em>Answers at the end of chapter.<\/em><\/a><\/p>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<h1>Partial Payments<\/h1>\n<p>Sometimes it is not possible to pay an entire invoice at once.\u00a0 In this case, we can apply the discount to only part of an amount owing.\u00a0 This is called a <a class=\"glossary-term\" aria-haspopup=\"dialog\" aria-describedby=\"definition\" href=\"#term_135_732\">partial payment<\/a>.<\/p>\n<h2>Example 1.7.2<\/h2>\n<p>S&amp;C sports receives an invoice for $4,500 for a shipment of curling shoes.\u00a0 The invoice is dated April 1 and has terms 3\/10, 2\/15, n\/30.<\/p>\n<ol type=\"a\">\n<li>On April 6, S&amp;C sent in a payment of $1000.\u00a0 The Curling Equipment company gives discounts for partial payments.\u00a0 How much does S&amp;C owe on the invoice?<\/li>\n<li>S&amp;C plans to send in a second and final payment on April 11. How much should this payment be?<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>For part (a), we need to see how much credit should be given for the $1,000 payment, given that it is eligible for a 3% discount.\u00a0 The discount applies to the <strong>credit given <\/strong>(the part of the invoice that is paid off) and <strong>not<\/strong> to the <strong>amount paid.\u00a0 <\/strong><\/p>\n<ul>\n<li>To calculate how much to pay <strong>multiply<\/strong> by (1 \u2013 d)<\/li>\n<li>\u00a0If given the amount paid <strong>divide<\/strong> by (1 \u2013 d) to get the credit<\/li>\n<\/ul>\n<p>To see this, we can solve the equation:<\/p>\n<p style=\"text-align: center;\">[latex]Credit(1-0.03)=$1,000[\/latex]<\/p>\n<p>Dividing both sides by (1-0.03), we have:<\/p>\n<p style=\"text-align: center;\">[latex]Credit = \\frac{$1,000}{1-0.03}=$1,030.93[\/latex]<\/p>\n<p>So, by paying the $1,000 early, S&amp;C now owes only:<\/p>\n<p style=\"text-align: center;\">[latex]$4,500-$1,030.93= $3,469.07[\/latex]<\/p>\n<p>To solve (b), we <strong>multiply<\/strong> the amount owing by (1-0.02) to see that the final payment is:<\/p>\n<p style=\"text-align: center;\">[latex]$3,469.07 (1-0.02)= $3,399.69[\/latex]<\/p>\n<div>\n<div class=\"textbox textbox--key-takeaways\">\n<header class=\"textbox__header\">\n<p class=\"textbox__title\">Key Takeaways<\/p>\n<\/header>\n<ul>\n<li>Not all suppliers allow retailers to receive a cash discount when only part of the invoice is paid early (partial payments).<\/li>\n<li>In this text, we always assume retailers will receive a discount on the portion of the invoice that was paid early.<\/li>\n<li>You will notice that we did some intermediate rounding in the problem above.\u00a0 Often companies will do this type of intermediate rounding when storing amounts, but it is always important to check with the supplier, to see how they record the numbers.<\/li>\n<\/ul>\n<div><\/div>\n<\/div>\n<div class=\"textbox textbox--exercises\">\n<header class=\"textbox__header\">\n<p class=\"textbox__title\">Knowledge Check 1.8<\/p>\n<\/header>\n<div class=\"textbox__content\">\n<p>In the middle of a kitchen remodel, you decide to splurge on a new refrigerator and range.\u00a0 The range was on back order, but you received the following invoice for the fridge:<\/p>\n<ul>\n<li>Invoice 1 (fridge): $2,500 dated April 4 (5\/20, n\/30)<\/li>\n<\/ul>\n<p>On April 6, you sent in a payment of $760.\u00a0 Two weeks later, you receive the invoice for the range.\u00a0 It has the same terms as the first invoice:<\/p>\n<ul>\n<li>Invoice 2 (range): $3,250 dated April 19 (5\/20, n\/30)<\/li>\n<\/ul>\n<ol type=\"a\">\n<li>If you pay off both debts at the same time, what is the last day you can pay?<\/li>\n<li>How much will you pay?<\/li>\n<\/ol>\n<\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<\/div>\n<h2>Your Own Notes<\/h2>\n<ul>\n<li>Are there any notes you want to take from this section? Is there anything you&#8217;d like to copy and paste below?<\/li>\n<li>These notes are for you only (they will not be stored anywhere)<\/li>\n<li>Make sure to download them at the end to use as a reference<\/li>\n<\/ul>\n<div id=\"h5p-1\">\n<div class=\"h5p-iframe-wrapper\"><iframe id=\"h5p-iframe-1\" class=\"h5p-iframe\" data-content-id=\"1\" style=\"height:1px\" src=\"about:blank\" frameBorder=\"0\" scrolling=\"no\" title=\"Key takeaways, notes and comments from this section document tool.\"><\/iframe><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<div class=\"glossary\"><span class=\"screen-reader-text\" id=\"definition\">definition<\/span><template id=\"term_135_732\"><div class=\"glossary__definition\" role=\"dialog\" data-id=\"term_135_732\"><div tabindex=\"-1\"><\/div><button><span aria-hidden=\"true\">&times;<\/span><span class=\"screen-reader-text\">Close definition<\/span><\/button><\/div><\/template><\/div>","protected":false},"author":883,"menu_order":10,"template":"","meta":{"pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-135","chapter","type-chapter","status-publish","hentry"],"part":3,"_links":{"self":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/pressbooks\/v2\/chapters\/135","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/wp\/v2\/users\/883"}],"version-history":[{"count":25,"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/pressbooks\/v2\/chapters\/135\/revisions"}],"predecessor-version":[{"id":4000,"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/pressbooks\/v2\/chapters\/135\/revisions\/4000"}],"part":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/pressbooks\/v2\/parts\/3"}],"metadata":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/pressbooks\/v2\/chapters\/135\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/wp\/v2\/media?parent=135"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/pressbooks\/v2\/chapter-type?post=135"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/wp\/v2\/contributor?post=135"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/pressbooks.bccampus.ca\/businessmathematics\/wp-json\/wp\/v2\/license?post=135"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}