QRB 501Test Prep

QRB 501Test Prep 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 8 Enrique borrowed $3600 to put a down payment on a motorcycle. The loan had a simple interest rate of 8% for 2 years. Use the formula I = prt to find the amount of interest he will pay on the loan. I = interest; p = principal; r = rate (expressed as a decimal 0.08); t = time in years. $576 9 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. Round to the nearest cent. Cash discount: $62.57; net amount: $563.11 10. The circle graph above gives the inventory of the women's department of a store. What is the total inventory? $109,980