Winthrop Racing owns a car racing team on the East Coast. On May 25, Winthrop purchased $26,750 worth of racing tires for the cars on its team. To get the Winthrop account, the tire manufacturer offered generous terms of 5/15, net 60 . The discount
applies to any amount paid within the discount period. What is the unpaid balance if Winthrop paid $20,00 . on June 5? (This problem involves the partial payment of an invoice within the discount period.)
100 . - 5% = 95%
$20,00 . 0.95 = $21,052.63
$26,750 - $21,052.63 = $5,697.37 unpaid balance
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