QRB 501 FINAL EXAM 4 – QUESTION AND ANSWERS

QRB 501 FINAL EXAM 4 – QUESTION AND ANSWERS Test Prep QRB/501 Spring 2018 1 Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent. Markup = $16.15; Selling price = $95.00. Find the cost. Cost: $78.85 2 Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year. $2,140.00 3 A number increased from 2553 to 5955 . Find the amount of increase. 3402 4 The following test scores were recorded for a student: 79, 74, 72, 68, 74, 60, 70. Find the mean, median, and mode. mean: 71, median: 72, mode: 74 5 Find the maturity value of a loan of $6787 after 4 months. The loan carries a simple interest rate of 14% per year. $7103.73 6 Jorge makes a simple discount note with a face value of $6000.00, a term of 240 days, and a 10% discount rate. Find the discount. Discount: $400.00 7 Central Airlines offers a trade discount series of 30/35/10 for frequent flyers. If a round-trip airline ticket is $683, what is the net price? Use the net decimal equivalent to find the net price. Round to the nearest cent. $279.69