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What does "1% 10 Days" mean on a bill?
I got a heating bill that says "1% 10 Days" and "2% added after 30 days" on it. Presumably, if I pay the bill more than 30 days after it is due (which, ironically, is 10 days after they handed me the bill), then I will owe 2% more. But can I also assume that if I pay the bill in the next 10 days, I only need to pay 99% of the bill? I'd hate to presume incorrectly and piss off the oil delivery person.
2 Answers
- T-BallLv 41 decade agoFavorite Answer
Yes, you are right! In business terms, you'll often see accounts receivable as being labeled 2/10, n/30. That means that the payer (you) receives a 2% discount if you pay within the first 10 days and no discount if you pay after 30 days.
In your case, it would be 1/10, +2/30... that means that you get 1% off your bill if you pay it within 10 days and they will add 2% to your bill if pay it after the 30th day.
To figure your 1% off, just take the amount of your bill multiplied by .99. That should give you a number. Always make sure to round up to the nearest cent. Even if your bill is $95.0611... round it up to $95.07 just to be safe.
If all else fails, call your gas/electric company and see what they expect if you pay within the 10 days. Good luck!
