Use the information below to answer question 7 and 8. Ojo purchased the following items from Sani at the specified prices on credit: 200 cartons of milk at ...

Answer Details

To calculate the amount paid by Ojo, we need to first find the total cost of the items he purchased before any discounts were applied. The cost of 200 cartons of milk at N1,000 per carton is: 200 x 1000 = N200,000 The cost of 50 bags of rice at N3,000 per bag is: 50 x 3000 = N150,000 So the total cost before any discounts is: N200,000 + N150,000 = N350,000 Next, we need to calculate the amount of the trade discount, which is 10% of the total cost: 10% of N350,000 = N35,000 Subtracting the trade discount from the total cost, we get: N350,000 - N35,000 = N315,000 Finally, we need to calculate the cash discount, which is 5% of the discounted cost: 5% of N315,000 = N15,750 Subtracting the cash discount from the discounted cost, we get the amount paid by Ojo: N315,000 - N15,750 = N299,250 Therefore, the amount paid by Ojo is N299,250. Answer option (C) N363,375 is not correct, and the other options are also incorrect.