The installment price of a food processor is $379.48 with 18 monthly payments and a down payment of $40. Find the monthly payment.

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The installment price of a food processor is $379.48 with 18 monthly payments and a down payment of $40. Find the monthly payment.

 

a

339.48

 

b

$0.52

 

c

39.48

 

d

18.86



A mountain bike has a cash price of $690.00. Eric purchases the bike by making a down payment of $69.00 and 24 payments of $38.74. Find the finance charge. 

 

a

69.00

 

b

621.00

 

c

308.76

 

d

$310.50



Find the maturity value of a loan of $6787 after 4 months. The loan carries a simple interest rate of 14% per year.

 

a

7024.55

 

b

7103.73

 

c

7182.91

 

d

$7106.39



How much interest will have to be paid on a loan of $10,138 for 7 months at a simple interest rate of 13.3% per year?

 

a

786.54

 

b

$898.90

 

c

793.15

 

d

674.18



Mai earns a gross weekly income of $464.00. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent.

 

a

Social Security tax = $20.49 Medicare tax = $7.73

 

b

Social Security tax = $19.49 Medicare tax = $6.73

 

c

Social Security tax = $194.90 Medicare tax = $67.28

 

d

Social Security tax = $1.95 Medicare tax = $0.67



Steve Nyren is paid on a salary-plus-commission basis. He receives $488 weekly in salary and a commission based on 1.1% of all weekly sales over $15,000. If he sold $23,700 in merchandise in one week, find his gross earnings for the week.

 

a

748.70

 

b

1445.00

 

c

$95.70

 

d

583.70



An item has a 30.1% markup based on selling price. What is the equivalent markup percent based on the cost?

 

a

23.1%

 

b

43.1

 

c

76.9

 

d

56.9



Cost = $48.19; selling price = $58.79. Find the markup and the rate of markup based on the selling price.

 

a

Markup = $21.20 Rate of markup based on selling price = 22.0%

 

b

Markup = $10.60 Rate of markup based on selling price = 82.0%

 

c

Markup = $21.20 Rate of markup based on selling price = 51.8%

 

d

Markup = $10.60 Rate of markup based on selling price = 18.0%



An invoice for a laptop computer that cost $625.68 is dated September 15, with sales terms of  3/10 EOM. If the bill is paid October 8, find the cash discount and net amount paid.

 

a

Cash discount: $18.47; net amount: $614.68

 

b

Cash discount: $0; net amount: $625.68

 

c

Cash discount: $18.77; net amount: $ $606.91

 

d

Cash discount: $62.57; net amount: $563.11



The list price of a keyboard is $796. If the trade discount series offered is 5/10/15, what is the trade discount?

 

a

238.80

 

b

557.20

 

c

578.49

 

d

$217.51

The store where Anna-Marie is a salesperson offers a trade discount series of 20/15 on any clothes bought at the store. Use the single discount equivalent to calculate the trade discount for a $106 sweater.

 

 

90.10

 

 

$33.92

 

 

72.08

 

 

68.90

 

 

    • 10 years ago
    The installment price of a food processor is $379.48 with 18 monthly payments and a down payment of $40. Find the monthly payment.
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