Question 12 Suppose that you took out a loan at 12% interest for 200 days. If th

Question

Question 12

Suppose that you took out a loan at 12% interest for 200 days. If the amount of interest was $690.41, use the exact interest method to find the amount of principal you borrowed. (Round to the nearest whole dollar amount)

$10,356

$10,500

$4,540

$45

5 points

Question 13

Clarence received his bank statement showing a balance of $671.35. The outstanding checks totaled $172.68, and there was an outstanding deposit of $115. His checkbook balance is $621.92. What type of correction does Clarence need to make to his running balance?

–$8.25

–$9.25

+$9.25

+$8.25

5 points

Question 14

Roby invests $18,700, at 8% interest, compounded quarterly for 4 years. Calculate the compound amount for his investment.

Factor from table 2% interest for 16 periods is 1.37

Factor from table 8% interest for 4 periods is 1.36

25,432

25,619

24,882

24,684

5 points

Question 15

Carlee takes out an installment loan to finance the purchase of a pickup truck costing $34,500. Her loan requires a 33.33% down payment and equal monthly payments of $575 for 28 months. Calculate the total deferred payment price.

$24,560.33

$25,660.67

$26,060.33

$27,598.85

5 points

Question 16

Convert to a reduced fraction, mixed number, or whole number: 3.5%

5 points

Question 17

What will be the total deduction for social security and Medicare taxes on Rony's next semimonthly paycheck of $3,960, if she has already earned $42,560 this year? (Social security tax is 6.2% of gross wages up to $106,800. Medicare tax is 1.45% of all gross wages.)

$283.52

$302.94

$101.87

$242.92

5 points

Question 18

Sales at Discus Associates increased 21% this year compared to last year. If sales this year were $200,255, what were the sales last year?

$165,500

$42,054

$158,201

$34,755

5 points

Question 19

What was the trade discount rate if goods with a list price of $10,600 were sold at a net price of $8,250? (Round to the nearest tenth)

79.1%

22.2%

36.4%

28.3%

5 points

Question 20

The percent markup on a tricycle is known to be 24% based on selling price. If the seller paid $24.50 for one, then what would be the corresponding percent markup based on the cost? (Round to the nearest tenth percent)

76.0%

29.4%

24.7%

31.6%

5 points

Question 21

Boyd's car can travel 1891.5 miles on 48.5 gallons of fuel. How many miles can it travel on 64 gallons?

1861

2,107

2,496

2,722

5 points

Question 22

Jill's electric bill for December 2013 was $105. In December 2014 the electric bill was $115. Next year Jill expects the bill to be the 2013 amount plus the difference between 2013 and 2014. What is the new bill expected to be?

{C}

235

245

175

115

5 points

Question 23

$425.00

$435.90

$429.25

None

5 points

Question 24

Candida has a revolving credit account at an annual percentage rate of 24%. Her previous monthly balance is $549.79. Find the new balance using the previous month's balance method if Candida’s account showed the following activity: Payment, $143.30; Country Lumber (charge), $230.18; Zahir Antiques (credit), $398.05; Mountain Vineyards (charge), 204.94; Bart's Garage (charge), $214.21.

$449.79

$557.77

$668.77

$499.79

5 points

Question 25

Ezekiel manages a clothing store. In May, sales were $129,800. In June, sales were $131,975. What was the rate of change?

1.7% increase

1.5% decrease

17.4% increase

16.4% decrease

5 points

Question 26

Legitimate Financial Services made a loan at 9.75% interest for 254 days. If the amount of interest was $270.50, use the exact interest method to find the amount of principal borrowed. (Round to the nearest whole dollar amount)

$3,649

$3,987

$4,138

$3,789

5 points

Question 27

A house is selling for $150,000. A deposit of $20,000 was made when the sales contract was signed. The down payment is 30% and the balance will be financed with a 25-year mortgage at 4.25% and 4 discount points. If the sellers are responsible for the broker's commission (6% of the purchase price); $1,300 in other closing costs; and the existing mortgage, with a balance of $40,000; what proceeds will they receive on the sale of the property?

$108,700.00

$99,700.00

$101,000.00

$69,450.00

5 points

Question 28

If Jillian earns $324 for 16 hours of work, how many hours must she work to earn $486.00?

77

24

31

25

5 points

Question 29

Washila calculated that the kitchen shop she manages had a decrease of 21.5% in sales this month compared to last month. If sales last month were $187,000, what were sales this month?

$86,098

$140,385

$146,795

$740,543

5 points

Question 30

The last semimonthly payroll of Available Temp Services was $135,600 of gross wages for 113 employees. Of the total, none was for payments to employees in excess of the $7,000 wage base. What were the total FUTA and SUTA taxes for the payroll? The company's SUTA rate is 5.4% and its FUTA rate is 6.2% less the 5.4% SUTA credit.

$8,407.20

$15,729.60

$7,322.40

$9,492.00

5 points

Question 31

Shareholders in Frontier Communications were not pleased to learn that the company's market share had changed from 40 to 21 percentage points, a loss of 19 percentage points. What was the percent change in market share?

52.5% increase

52.5% decrease

47.5% increase

47.5% decrease

5 points

Question 32

17% of a city's population use Wifi. If 20,508 people use Wifi, how many people live in that city? (Round to the nearest whole number)

27,776

140,500

120,635

266,733

5 points

Question 33

Marcia has a checkbook balance of $824.67. She has not recorded these ATM withdrawals: $20, $100, $60, and $40. She was also charged a total of $6.50 in ATM fees. What should her checkbook balance be?

$604.67

$598.17

$498.17

$591.67

5 points

Question 34

Calculate the compound interest on an investment of $45,000 at 6% interest, compounded quarterly, for 3 years.

Factor from table 3% interest for 18 periods is 1.48

Factor from table 1.5% interest for 12 periods is 1.20

Factor from table 6% interest for 3 periods is 1.18

9000

8100

21,600

9450

5 points

Question 35

The business manager of Paws and Claws Pet Supply arranges a loan of $3,500, at 6.5% interest, for 30 months. Find the amount of interest.

$568.75

$470.25

$335.50

$455.00

5 points

Question 36

A second hand furniture store buys sofas with a list price of $9,500. If the wholesaler offers trade discounts of 10/20/30, find the single equivalent discount.

0.442

0.496

0.600

0.320

5 points

Question 37

Scott Stewart is the self-employed owner of Stewart Software. His estimated annual earnings are $48,000 and he expects to pay 18% of this amount in income tax. What will be his quarterly estimated tax payment for the second quarter? (For self-employed persons, social security tax is 12.4% of wages up to $106,800, and Medicare tax is 2.9% of all wages.)

$348.00

$2,160.00

$3,996.00

$1,488.00

$10,356

$10,500

$4,540

$45

Explanation / Answer

12

for 1 year = (365/200) * 690.41 = 1260

if 12% 1260 then the principle amount is = (100/12) * 1260= 10500

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