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


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