Find the net amount due on this invoice. Assume each is paid within the discount period. Round dollar amounts to the nearest cent if necessary. Don't forget that the terms \( 2 / 10 , n / 30 \) mean that the customer receives a \( 2 \% \) cash discount if the invoice is paid within \( 10 \) days of the invoice date. If the invoice isn't paid within \( 10 \) days, the net is due in \( 30 \) days.
Invoice Amount \(\$ 490.40\)
Terms \(3 / 10 , n / 45\)
Returned Merchandise \(\$ 21.50\)
Shipping Charges \(\$ 11.95\)
Cash Discount \(\$ 14.07\)
Net Amount Due \(N A D = \)
Step 1: Subtract Returned Merchandise, if any, from Invoice Amount.
Step 2: Multiply Answer to Step \( 1 \) by of cash discount to get Cash Discount Amount.
Step 3: Subtract Cash Discount Amount from Invoice Amounts, and add any Shipping Charges to obtain the Net Amount Due.