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1 percent 10th prox payment terms refer to a payment discount structure commonly used in business transactions. It means that a buyer can take a 1% discount off the invoice total if payment is made by the 10th of the month following the invoice date. If the payment is not made by that date, the full invoice amount is due. This incentivizes timely payments while allowing a brief period for settling accounts.
0.01 percent as a fraction in lowest terms is 1/100
1 1/2
2 percent written as a fraction in lowest terms is 1/50
1/100