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Seven years ago, Elise Damato started a business specializing in dog walking and dog grooming. After the first year, her pet food supplier started giving Elise a cash discount of 2.25% on any amount paid within 15 days of the invoice date. On October 25, Elise bought pet food costing $1,064. On November 8, Elise paid $800 on the purchase. Compute the unpaid balance. (This problem involves the partial payment of an invoice within the discount period.)

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Answer:

The answer is $246

Explanation:

Solution

Recall that:

The cash discount from the supplier = 2.25%

Elise purchased pet food for an amount = $1064

On 8 November she paid for a purchase of = $800

The next step to take is to calculate for he unpaid balance as stated from the question given.

Now,

The total amount due = 1064

The amount paid within the period of credit =$800

The cash discount = 2.25%

The corresponding amount of payment before credit for cash discount is = (B/1-C)

Which is = 800/1-2.25%

800/0.977

=818.4

Therefore the unpaid balance is = $1064-818.4

= 245.6 or 246

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