An invoice for $2678.50 dated April 15 has terms 1 /15, EOM. a. When does the

Question:

An invoice for $2678.50 dated April 15 has terms 1 ½ /15, EOM.
a. When does the discount period end?
b. When does the credit period end?
c. What payment on April 30 will reduce the outstanding balance by $800?
d. If an additional payment of $800 is made on May5, what will be the new balance?
e. What further payment on May 10 will reduce the outstanding balance to $800?