Question: A retailer received an invoice dated 21 May 2020 for RM3, 400. This amount included a handling charge of RM250. The trade discounts offered were

A retailer received an invoice dated 21 May 2020 for RM3, 400. This amount included a handling charge of RM250. The trade discounts offered were 8% and 5% and the cash discount terms were 3/15, 2/20 and n/30. If the invoice was paid on 6 June 2020.

a) What is the meaning of 3/15?

b) What is the meaning of 2/20?

c) What is the meaning of n/30?

d) How long (days) from the date of invoice until the payment made?

e) How much is the list price?

f) What is the formula need to use to get the total payment that need to paid?

g) How much is the total payment that need to paid?

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