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Final Review

All chapters

Convert this decimal to a percent. .63 6.3%
Convert this percent to a decimal. 9.6% 0.096
Convert this fraction to a percent. 3/8 37.5%
A "B" grade on a certain test is 85%. How many questions can you miss on a 20-question exam to get a B? 3
The population of a town increased from 18,225 last year to 19,191 this year. What is the percent increase? 9.1% Increase
70 is 40% of what number? 175
92 is what percent of 80? 115%
Your boss promises you a 15% pay raise in 2 months. If you currently earn $10.80 an hour, what will your hourly rate be in 2 months? $12.42
An invoice for $122.34 has terms of 3/10, 1/20, n/45. If you make payment 17 days after the invoice date, what amount should you pay? $121.12
A trade discount is given as an incentive to pay the seller promptly. (T or F) False
Markup can be used for pricing services. (T or F) True
Ike Penrose sells oriental rugs. Ike buys a rug for $1,850. Based on an 80% markup on cost, at what price should Ike resell the rug? $3,330
If a retailer sells a $1,200 refrigerator at $320 off, what is the reduced price? $880
A hot tube, originally priced at $9,350, is marked down to $7,975. What is the percent markdown? 14.7%
Employers cannot provide overtime pay that exceeds time and a half. (T or F) False
Clyde Spratt sold 18 vacuum cleaners during the week. If Clyde earns $40 per sale, what is his gross pay for the week? $720
For Problems 1-7, consider a loan in which you borrow $5,000 on March 10 for 6 months at 8% interest.
Problem #1: What is the principal amount? $5,000
Problem #2: What is the term? 6 months
Problem #5: What is the maturity value? $5,200
You get a 180-day $3,000 consumer loan at 11% . You are required to pay a $100 setup fee at the time you get the loan. What is your APR? 18.37%
6% compounded semiannually 3%
9% compounded quarterly 2.25%
10.5% compounded monthly 0.875%
Laurie Ingalls loans a friend $400 at 5% simple interest for 3 years. What is the maturity value? $448
For Problems 1-5, assume you deposit $1,500 today in a savings account. You earn 7.5%, compounded semi-annually. You deposit an additional $250 at the end of each 6 months. At the end of 5 years, you withdraw the balance of $5,134.53. Identify each value.
Problem #1: n? 10 years
Problem #2: i? 3.75%
Problem #4: PMT? $250
Gregg Levan is 45 years old and deposits $1,000 at the end of every 6 months into an individual retirement account (IRA). If the account earns 6.45% compounded semi-annually, how much will Gregg have when he retires 22 years later? $508,640.18
Brain's uncle gives all of his nieces and nephews $4,000 on their 30th birthdays. Brain just turned 21. What is the value of the $4,000 gift, in today's dollars, assuming that Brain can earn 8.3% compounded annually? -$3,093.05
You are thinking about buying a hot tub priced at $24,999. Your bank will loan you $20,500 at 7.7% for 5 years. Determine your monthly payment. -412.73
Calculate the monthly payment on a 25-year $450,000 mortgage loan at 6 7/8% interest. -3,144.71
You get a $550,000 mortgage loan with 1 1/4 points. What dollar amount do you pay for points? $6875
Determine the recovery period of the Fence. 7 years
For Problems 4-7, consider weekly TV sales of Judy's Appliance Store. Eight TV sets were sold: $359; $329; $575; $3,700; $285; $359; and $285.
Problem#4: What is the mean? $772.13
Problem#5: What is the median? $344
Problem#6: Which TV was the most popular? (That is, what is the mode?) $285
Created by: ch0506712