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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.

Select one:

a. $15,888.87

b. $14,943.56

c. $16,664.44

d. $16,676.56

2- 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

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

Select one:

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.

Select one:

a. $241.89

b. $252.10

c. $255.21

d. $232.22

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.

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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%

6- Find the exact interest to the nearest cent.

$3900 at 10% for 79 days

Select one:

a. $84.41

b. $8.56

c. $8.44

d. $85.58

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

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

8- Find the discount period.

Loan made: April 24

Length of loan: 180 days

Date of discount: July 18

Select one:

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

Select one:

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 %

Select one:

a. $9.26

b. $10.37

c. $8.64

d. $11.11

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