1- 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.
2- Find the cost, including a sales charge of $1 per bond, for the transaction.
Last Price: 82.125
Number Purchased: 46
3- Find the finance charge and total instalment cost of the loan. Round to the nearest cent.
Amount financed: $165
Down payment: $20
Cash price: $185
Number of payments: 6
Amount of payment: $28.59
a. $12.54; $211.54
b. $171.54; $211.54
c. $6.54; $191.54
d. $13.46; $191.54
4- Solve the problem.
An invoice is received from Westminster Office Machines for $497.10 with terms of 4/13 and dated FEB25 AS OF Mar 1. If a partial payment of $245 is made on Mar 23, find the balance due on the invoice.
5- Solve the problem. Round rates to the nearest tenth of a per cent and dollar amount 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 per cent of the selling price.
a. (a) $18.41
b. (a) $173.22
c. (a) $173.22
d. (a) $18.41
6- Find the exact interest to the nearest cent.
$3900 at 10% for 79 days
7- 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
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
8- Find the discount period.
Loan made: April 24
Length of loan: 180 days
Date of discount: July 18
a. 84 days
b. 95 days
c. 85 days
d. 96 days
9- Find the interest and maturity value for the loan. Round to the nearest cent.
$4252 at 6% for 10 months
a. $233.86; $4485.86
b. $214.39; $4466.39
c. $191.34; $4443.34
d. $212.60; $4464.60
10- Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent.
Unpaid Balance Monthly Interest Rate
$493.80 1 7/8 %
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