Scarlett Linens offers credit with terms of 3/15, net 30 to its customers. These terms indicate that Scarlett allows its customers to take a:
A. 15 percent discount from the total invoice price if payment is made on or before Day 30 of the billing cycle; after that, only a 3 percent discount is available.
B. 30 percent discount from the total invoice price if payment is made on or before Day 15 of the billing cycle; after that, only a 3 percent discount is available.
C. 3 percent discount from the total invoice price if payment is made on or before Day 15 of the billing cycle; otherwise, the entire bill is due by Day 30.
D. 15 percent discount from the total invoice price if payment is made on or before Day 3 of the billing cycle; otherwise, the entire bill is due by Day 30.
E. 30 percent discount from the total invoice price if payment is made on or before Day 3 of the billing cycle; otherwise, the entire bill is due by Day 15.
Answer: C
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