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 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 11. Which month in 2009 had the highest sales? Month 5 12 Which month in 2010 had the lowest sales? Month 2 13 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? USA; 27.2% 14 Solve the problem. Round amounts to the nearest cent and percents to the nearest tenth of a percent. Cost = $5.22; Selling price = $10.35. Find the markup. Markup: $5.13 15 When finding the amount of change in percentage problems, the percent is always based on: the original or beginning amount 16 Sales of frozen pizza for a club fund-raiser increased from 500 one year to 610 the next year. What was the percent of increase? 22% 17 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? $11,820.45 18 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. $638.20 19 Solve the problem. Round to the nearest cent or tenth of a percent. An item sells for $524.00 and is reduced to sell for $440.16. Find the markdown amount and the rate of markdown. Markdown amount = $83.84 Rate of markdown = 16% 20 Solve the problem. Round amounts to the nearest cent and percent’s 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. Markup: $3.08 Rate of markup based on cost: 76.2% 21 Sarah has made a budget for how much she will spend on activities this summer. The circle graph above shows how she has divided up her spending money. What percent of Sarah's budget is allocated for movies? 50% 22 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. 12% per year 23 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 III. with an annuity due, payment is made at the beginning of the period 24 Christine is currently taking college astronomy. The instructor often gives quizzes. On the past seven quizzes, Christine got the following scores: 53, 12, 41, 29, 18, 42, 57 Find the standard deviation. 41 25 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. $70.51 26 Find the range for the scores: 13, 23, 60, 46, 53, 75. 62 27 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. Markup = $10.60 Rate of markup based on selling price = 18.0% 28 Felipe Rivera's savings account has a balance of $3159. After 4 years what will the amount of interest be at 1.6% compounded quarterly? $208.37 29 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. Credit: $421.05 Balance: $8208.95 30 Present value is best defined as: all of these are appropriate definitions for present value