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# Ch. 6,8,9

### Rewiew

Question | Answer |
---|---|

Markup can be used for pricing service.(T or F) | True |

Ike has the chance to buy a used rug that he thinks he can resell for $1,200. If Ike needs an 80% markup on cost, what price should Ike pay? | Cost=$666.67 |

Clyde Spratt sold 18 vacuum cleaners during the week. If Clyde earns $40 per sale, what is his gross pay for the week? | $720 |

Melanie Stobart assembles tents. She is paid $8.50 per hour plus $3.50 per tent. During the week, Melanie worked 40 hours and completed 48 tents. Calculate Melanie's gross pay for the week. | Gross Pay $508 |

What is the maturity value? | $5,200 |

What is the term? | 6 months |

Markup can be used for pricing service.(T or F) | True |

Ike has the chance to buy a used rug that he thinks he can resell for $1,200. If Ike needs an 80% markup on cost, what price should Ike pay? | Cost=$666.67 |

Clyde Spratt sold 18 vacuum cleaners during the week. If Clyde earns $40 per sale, what is his gross pay for the week? | $720 |

Melanie Stobart assembles tents. She is paid $8.50 per hour plus $3.50 per tent. During the week, Melanie worked 40 hours and completed 48 tents. Calculate Melanie's gross pay for the week. | Gross Pay $508 |

What is the maturity value? | $5,200 |

What is the term? | 6 months |

Dependable Appliance Company advertises a refrigerator at a 15% discount, based on an original marked price of $900. What is the reduced price? | $765 |

What should the selling price be? | Selling Price=$240 |

A hot tub, originally priced at $9,350, is marked down to $7,975. What is the percent markdown? | 14.7% |

A pet shop purchased an exotic fish for $75. if the fish is priced at $187.50, what is the dollar amount of markup? | $112.50 |

What is the dollar amount of markup on a parrot that costs $120? | $120 |

Simple Interest Formula | Principal x Rate x Time = Interest |

The Truth in Lending Act applies to business loans. (T or F) | False |

How much interest will you owe on the maturity date? | $337.32 |