Chibuike bought 36 notebooks at ₦10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantag...
Question 1 Report
Chibuike bought 36 notebooks at ₦10 each from John and was given a trade discount of 5%. In addition, he was offered 1% cash discount which he took advantage of. How much did Chibuike pay?
Answer Details
Chibuike bought 36 notebooks at ₦10 each which gives a total of 36 x 10 = ₦360. He was offered a trade discount of 5%, so the net amount he is to pay is 95% of the total amount which is calculated as:
(95/100) x ₦360 = ₦342
Chibuike was also offered a cash discount of 1%, which he took advantage of. The cash discount is calculated as 1% of the net amount which is:
(1/100) x ₦342 = ₦3.42
Therefore, the final amount Chibuike paid is the net amount minus the cash discount, which is:
₦342 - ₦3.42 = ₦338.58
Therefore, Chibuike paid ₦338.58 for the 36 notebooks. The correct option is ₦338.58.
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