True value received an invoice dated 4/15/12. the invoice had a $5,500 balance that included $300 freight. terms were 4/10, 3/30, n/60. true value pays the invoice on april 29. what amount does true value pay?

Given:
invoice: 5,500
freigth: 300 (included in the invoice)
terms:
4/10 - 4% discount if paid within 10 days from receipt of invoice
3/30 - 3% discount if paid within 30 days from  receipt of invoice.

Invoice was received on 4/15/12. Its 10th day is on 4/25/12 and its 30th day is on 5/15/12.

April 29 is beyond the 10th day but within the 30 day discount period. Thus, the discount received is 3%.

5,500 - 300 = 5,200 total cost of items
5,200 x (1-0.03) = 5,200 x 0.97 = 5,044 total discounted cost of invoice.

5,044 + 300 = 5,344 total payment on invoice dated 4.15.12

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