 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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