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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?

	a.	$8.25
	b.	$9.25
	c.	+$9.25
	d.	+$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

Chuck's Chops, an up-scale steak house, received an invoice for 800 pounds of baking potatoes with a cost of $.85 per pound. The terms were , N/30. Chuck was unable to pay the bill in full within the discount period but was able to remit a partial payment of $425.00 within the discount period. How much credit did Chuck receive for his payment?

		$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 Candidas 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?

	a.	$604.67
	b.	$598.17
	c.	$498.17
	d.	$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

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