Qrb 501 Week 6 Final Exam

QRB 501 Week 6 FINAL EXAM 1. An invoice received from Royal Exporters totaled $638.20, was dated October 10, and offered terms of 1/11 ROG. The shipment was received November 27. If the invoice was paid on December 12, find the net amount due. Round to the nearest cent. a. $631.82 2. Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent. Cost = $4.04; Selling price = $7.12. Find the markup and the rate of markup based on cost. a. Markup: $3.08 Rate of markup based on cost: 76.2% 3. Barbara knows that she will need to buy a new car in 4 years. The car will cost $15,000 by then. How much should she invest now at 6%, compounded quarterly, so that she will have enough to buy a new car? a. $11,820.45 4. The bar graph below shows the percent of income spent on leisure activities in various countries of the world. In which country is the highest percent of income spent on leisure activities? What percent is this? a. USA; 27.2% 5. 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. a. Cash discount: $18.77; net amount: $ $606.91 6. When finding the amount of change in percentage problems, the percent is always based on: a. the original or beginning amount 7. Find the net price of a bicycle that lists for $82.95 if a discount rate of 15% is offered. Round to the nearest cent. a. $70.51 8. Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year. a. $140.00 9. The following test scores were recorded for a student: 79, 74, 72, 68, 74, 60, 70. Find the mean, median, and mode. a. mean: 71, median: 72, mode: 74 10. 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. a. Cost: $78.85 11. Find the range for the scores: 13, 23, 60, 46, 53, 75. a. 62 12. Megan Hughes deposits $2300 in an account that pays simple interest. When she withdraws her money 8 months later, she receives $2484.00. What rate of interest did the account pay? Round to the nearest whole percent. a. 12% per year 13. The primary difference between an annuity due and an ordinary annuity is: I. when the money is paid into the annuity II. the way the money is paid out of the annuity III. with an annuity due, payment is made at the beginning of the period a. both I and III 14. An invoice for $8630, dated October 5, was received by a company with the terms 5/15 EOM. A decision was made to make a partial payment of $400 on November 2. Find the amount credited to the account and find the outstanding balance. Round to the nearest cent. a. Credit: $421.05 Balance: $8208.95 15. Solve the problem. Round to the nearest cent or tenth of a percent. Cost = $48.19; selling price = $58.79. Find the markup and the rate of markup based on the selling price. a. Markup = $10.60 Rate of markup based on selling price = 18.0%