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Determine the total amount due

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Farid, a furniture shop owner, buys a new set of furniture worth $9,450. He receives an invoice dated 26 October 2009 with trade discounts of 9 percent, 3 percent and is offered cash discount terms 3/15, 2/30, n/60.

Question (i) Calculate the single discount equivalent to the trade discounts given.

Question (ii) Determine the total amount due if Farid pays the invoice on 17 November 2009.

Question (iii) If Farid pays $5,440 on 3 November 2009, calculate the amount that was credited to Farid's account.

Reference no: EM132639621

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