Equivalent markup on selling price

Business Math Easy Questions

BUS 150 Business Math DQ.6 Week 6

1- Stock prices on consecutive days for a stock are shown. Find the increase (decrease) in the price of each stock as a number and the percent increase (decrease) rounded to the nearest tenth of a percent. 36.41, 37.26

Select one:

a. -0.85; 2.3%

b. 0.85; (2.3%)

c. 0.85; 2.3%

d. -0.85; (2.3%)

2- Find the net cost equivalent and the percent form of the single discount equivalent for the following series discount. 30/15

Select one:

a. 0.55; 45%

b. 0.595; 40.5%

c. 0.45; 55%

d. 0.405; 59.5%

3- Using the Rule of 78, find the amount of unearned interest for the loan paid in full before the date of maturity. Round to the nearest cent. Finance charge: $393 Total number of payments: 28 Remaining number of payments, when paid in full: 3

Select one:

a. $3.12

b. $5.81

c. $6.24

d. $2.90

4-Find the equivalent markup. Round to the nearest tenth of a percent. Markup on cost: 35.7% Markup on selling price:

Select one:

a. 73.7%

b. 68.8%

c. 26.3%

d. 31.2%

5- Solve the problem. Use the approximate APR formula to estimate the APR, and round rates to the nearest tenth of a percent. Maria Perez bought a washer-dryer combination on sale for $450, charging it to her card and agreeing to pay $40.51 per month for one year. Find the approximate annual percentage rate for this loan.

Select one:

a. 14.8%

b. 15.8%

c. 16%

d. 14%

6- Find the discount and proceeds on the simple discount note. Face value: $8000.00 Discount rate: 10% Time (days): 30

Select one:

a. Discount: $65.75 Proceeds: $7934.25

b. Discount: $66.67 Proceeds: $7933.33

c. Discount: $800.00 Proceeds: $7200.00

d. Discount: $0.00 Proceeds: $8000.00

7-Solve the problem. Central Building Company borrowed $15,804 on a 280-day simple interest note to expand their business. The note carried an interest rate of 7.0%. Find the maturity value of the note.

Select one:

a. $15,888.87

b. $14,943.56

c. $16,664.44

d. $16,676.56

8-Solve the problem. The manager of a retirement account purchased 104 Solar Energy (SNG) bonds that mature in 2020 for the retirement account. According to a bond table, the last price is 96.375 and the coupon rate is 7.750. Assuming a sales commission of $1 per bond, find the total purchase price of the bonds, and the annual interest payment.

Select one:

a. $103,036.25, $5400.20

b. $100,126.00, $7979.40

c. $100,334.00, $8060.00

d. $100,230.00, $7750.00

9-Solve the problem. The James family wants to save some money in interest by paying off their auto loan 15 months early. The 36-month loan required payments of $455 per month. The car cost $18,600 with a down payment of $6000. How much unearned interest did they save?

Select one:

a. $720.00

b. $681.08

c. $1311.08

d. $2287.44

10-Find the exact number of days from the first date to the second. Assume that the second month is in the following year, and assume no leap years. September 30 to March 23

Select one:

a. 174 days

b. 173 days

c. 178 days

d. 144 days

11-Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. Find the selling price of an item which cost a store $202. The store has a 30% markup.

Select one:

a. $673.34

b. $60.60

c. $155.39

d. $262.60

12-Find the cost, including a sales charge of $1 per bond, for the transaction. Bond: FPC Last Price: 82.125 Number Purchased: 46

Select one:

a. $37,823.50

b. $37,777.50

c. $82,125.00

d. $45,954.00

13-Find the balance due on the maturity date of the note. Find the total amount of interest paid on the note. Use the United States Rule. Principal: $38,400 Interest: 9.2% Time (days): 180 Partial payment: $20,000 on day 100

Select one:

a. $19,777.57; $1377.57

b. $18,642.69; $242.69

c. $20,421.19; $2421.19

d. $22,101.51; $3701.51

14-Provide an appropriate response. Find the amount by which the interest compounded annually is larger than the simple interest. Round to the nearest cent. Use the formula M = P(1 + i)n to find the compound amount. Principal: $5394 Rate: 8% Years: 5

Select one:

a. $3610.36

b. $218.40

c. $5767.96

d. $373.96

15- What does the abbreviation stand for? ROG

Select one:

a. receipt of goods

b. returned over ground

c. received on ground

d. return of goods

16- Find the maturity date and proceeds. Round to the nearest cent. Face value: $5515 Discount rate: 12% Date made: June 19 Time: 90 days Maturity date: Proceeds:

Select one:

a. Maturity date: September 19 Proceeds: $3883.16

b. Maturity date: September 17 Proceeds: $3883.16

c. Maturity date: September 19 Proceeds: $5349.55

d. Maturity date: September 17 Proceeds: $5349.55

17-Find the discount and proceeds on the simple discount note. Face value: $9800.00 Discount rate: 9% Time (days): 60

Select one:

a. Discount: $147.00 Proceeds: $9653.00

b. Discount: $0.00 Proceeds: $9800.00

c. Discount: $882.00 Proceeds: $8918.00

d. Discount: $144.99 Proceeds: $9655.01

18- Solve for the amount of discount and amount due. Invoice amt: $618.30 Invoice date: Nov 11 Terms: 2/12 ROG Goods rec'd: Dec 2 Date paid: Dec 12

Select one:

a. Amount of discount: $74.20; amount due: $544.10

b. Amount of discount: $12.17; amount due: $607.30

c. Amount of discount: $12.37; amount due: $605.93

d. Amount of discount: $0; amount due: $618.30

19- Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. Bob's Tires manufactures steel-belted radials at a cost of $56.47 each. Bob then sells the tires at a 32.6% markup based on cost. Find (a) the markup, (b) the selling price, and (c) the markup as a percent of selling price.

Select one:

a. (a) $18.41 (b) $74.88 (c) 24.6%

b. (a) $173.22 (b) $229.69 (c) 306.7%

c. (a) $173.22 (b) $229.69 (c) 75.4%

d. (a) $18.41 (b) $74.88 (c) 32.6%

20- Solve the problem. The monthly payments on a $55,000 loan at % interest for 30 years is $385.00. How much of the first monthly payment will go toward the principal?

Select one:

a. $41.25

b. $28.88

c. $343.75

d. $356.13

21- Solve the problem. Round rates to the nearest tenth of a percent and dollar amounts to the nearest cent. A local dealer sells baseballs for $25 each. If $3.92 is the markup, what is the cost and the markup on cost?

Select one:

a. $21.08, 84.3%

b. $25.00, 15.7%

c. $21.08, 18.6%

d. $28.92, 13.6%

22- Find the finance charge for the following revolving charge account. Assume that interest is calculated on the average daily balance of the account. Average Daily Balance Monthly Interest Rate $1649.25 1.2%

Select one:

a. $18.14

b. $197.91

c. $21.44

d. $19.79

23- Solve the problem. An invoice is received from Westminster Office Machines for $497.10 with terms of 4/13 and dated AS OF Mar 1. If a partial payment of $245 is made on Mar 23, find the balance due on the invoice.

Select one:

a. $241.89

b. $252.10

c. $255.21

d. $232.22

24- Find the discount period. Loan made: Aug 21 Length of loan: 150 days Date of discount: Dec 15

Select one:

a. 115 days

b. 35 days

c. 34 days

d. 116 days

25- Find the requested value using the given stock table. Dividend for CompuStrateg (CPS)

Select one:

a. $1.31

b. $0.44

c. $0.68

d. $1.60