Multiple Choice Question

The term $\frac{1}{20},\frac{n}{45}$ means the $$

full payment is due in $20$ days and any payment after $45$ will be assessed a $2\%$ penalty

buyer will receive a $1\%$ discount if payment is made within $20$ days; otherwise, the full payment is due in $45$ days

full payment is due in $45$ days and a $1\%$ penalty will be charged for every $20$ day period afterward

buyer will receive a $1\%$ discount if payment is made within $45$ days; otherwise, the full payment is due in $20$ days