Finance, Accounting And Banking>>
Unit 2 Lab
1. Manny plans to save 1/14 of his salary each week. If his weekly salary is 4420, find the amount he will save each week. Manny will save $___________315.7______ each week.
2. Last week at a festival, a man sold 5 times as many tie-dyed T-shirts as silk-screened shirts. He sold
234 shirts altogether. How many tie-dyed shirts did he sell? The number of tie-dyed shirts is _____195___________.
3. A man ordered 4 times as many boxes of ballpoint pens as boxes of felt-tip pens. Ballpoint pens cost $4.39 per box, and felt-tip pens cost $3.42. If the man's order of pens totaled $83.92, how many boxes of each type of pen did he buy 16 ballpoint and 4 felt-tip? How many boxes of felt-tip pens did he buy 4?
4. A company's stock earned $143,000,000. If these earnings represent $1.18 per share, how many shares of stock arethere? The company has ___121186440________________ shares of stock.
5. A recipe uses 3 cups of flour to 1 1/10 cups of milk. If you have 2 cups of flour, how much milk should you use? The amount of milk in cups for 2 cups of flour is __________0.73______.
6. For 33 hours of work, you are paid $245.85. How much would you receive for 37 hours? You would receive $________275.65_________.
7. Two part-time employees share one full-time job. A girl works Mondays, Wednesdays, and Fridays, and a boy works Tuesdays and Thursdays. The job pays an annual salary of $28,612. What annual salary does each employee earn? The girl's salary is $________17167____________.
8. If 1,000 US Dollars is equivalent to 0.5970 British pounds, convert $14,000 to pounds. $14,000 is equivalent to ______8.358__________ British pounds.
9. A store ordered 750 candles at a total wholesale cost of $8,478.14. The soy candles cost $12.83 each and the specialty candles cost $10.39 each. How many of each type of candle were ordered? The store ordered _____281_____ soy candles and ______469______ specialty candles.
10. A company purchased 10,000 pairs of men's slacks for $19.16 per pair and marked them up $22.23. What was the selling price of each pair of slacks? Use the formula S=C+M. The selling price of each pairs of slacks is $__________41.39______.
11. A store had 896 swimsuits that were marked to sell at $46.95. Each suit was marked down $17.90. Find the reduced price using the formula M=S−N, where M is the markdown, S is the original selling price, and N is the reduced price. The reduced price is $______29.05_________.
12. A company sold bird feeders for $72.57 and had marked them up $37.32. What was the cost of thefeeders? Use the formula S=C+M. The cost of the feeders is $________35.25_________.
13. Ron borrowed $40,000 to start up his consulting business. The loan had a simple interest rate of 5.4% for 3 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 0.054), t=time in years. He will pay $______6480________ on the loan.
14. Elaine purchased a new copy machine and financed it for one year. The installment price was $3954.25 and the cash price was $3699. Find the amount of finance charge using the formula Finance charge=Installment price−Cash price. The amount of finance charge is $___________255.25____.
15. Jerome Erickson is a retired school district administrator who now works as a consultant specializing in hiring administrators for school districts. Jerome used to charge a flat fee of $4500 for each administrator hired, but decided to develop a new pricing structure, as shown in the table. Carol Ferguson is an overworked accounting clerk in a small school district. She sits at her desk, reviewing the pricing structure in the brochure from Erickson Consulting. She knows that Mr. Erickson is one of the most highly regarded educational consultants in the state but is not sure that the district can afford him. The school board had voted to budget $6000 for the district administrator search, based onCarol's recommendation.
16. Find the maturity value of a loan of $2,700.00 after three years. The loan carries a simple interest rate of 7.7% per year. The maturity value of a loan is $_____3323.7__________.
17. Mr. Smith borrowed $25,000 to purchase stock for his baseball card shop. He repaid the simple interest loan after five years. He paid interest of $6,220. What was the interest rate? The interest rate on the loan was _________4.976%_______.
18. Find the exact interest on a loan of $33,000 at 8% annually for 25 days. $181
19. A loan for $2,000 with a simple annual interest rate of 20% was made on April 5 and was due on June 29. Find the ordinary interest. The ordinary interest was $___98.63____________.
20. Find the discount and proceeds on a $3,260 face-value note for nine months if the discount rate is 9.6%. (Use the banker's rule.) The discount is $___________234.72______. The proceeds are $__________3025.28_____.
21. Find the interest paid on a loan of $2,500 for one year at a simple interest rate of 11% per year. The interest on a loan is $____275_________.
22. Find the maturity value of a loan of $700 after two years. The loan carries a simple interest rate of 8 1/4% per year. The maturity value of the loan is $________815.5________.
23. Convert to years, expressed in decimal form to the nearest hundredth. 2 months = 0.25___ year.
24. A loan is made for 54 months. Convert the time to years. 54 months = __4.5_ years.
25. A man took out a $45,000 construction loan to remodel a house. The loan rate is 8.3% simple interest per year to be repaid in three months. How much is paid back? A man pays back $___________45933.75__.
26. A man needed money to buy lawn equipment. He borrowed $700.00 for seven months and paid $53.96 in interest. What was the rate of interest? The rate of interest per year was _________13.21_%.
27. A man needed money for college. He borrowed $5,000 at 14% simple interest per year. If he paid $525 interest, what was the duration of the loan? The duration of the loan is __0.75________ year.
28. Mr. Smith borrowed $29,000 to purchase stock for his baseball card shop. He repaid the simple interest loan after three years. He paid interest of $6,740. What was the interest rate? The interest rate on the loan was __________7.75%___.
29. Find the exact interest on a loan of $7,000 at 8% annually for 60 days. 93.34
30. A loan made on March 7 is due September 5 of the following year. Find the exact time for the loan in a non-leap year and a leap year. The exact time in a non-leap year is __547.5________ days. The exact time in a leap year is _548.5______ days.
31. A loan for $3,000 with a simple annual interest rate of 15% was made on June 16 and was due on August 16. Find the exact interest. $75
32. A loan for $3,000 with a simple annual interest rate of 10% was made on September 19 and was due on November 23. Find the ordinary interest.46.02
33. Find the adjusted balance due at maturity for a 90 day note of $18,000 at 13.9% ordinary interest if a partial payment of $6,000 is made on the 60th day of the loan. The adjusted balance due an maturity is
34. Raul Fletes borrowed $7,500 on a 180-day note that required ordinary interest at 13.53%. Raul paid $3,750 on the note on the 120th day. How much interest did he save by making the partial payment? The interest saved is $________84___.
35. A man makes a simple discount note with a face value of $2,700, a term of 180 days, and a 9% discount rate. Find the discount. (Use the banker's rule.) The discount is $_____________.
36. Find the discount and proceeds on a $3,250 face-value note for nine months if the discount rate is 9.4%. (Use thebanker's rule.) The discount is $______437________.
37. Find the maturity value of the undiscounted promissory note that states that Philip Esterey borrowed $5,000 for a period of 7 months with ordinary interest at 11%. The date of the note was October 12, 2008. The maturity date was May 12. The maturity value of the undiscounted promissory note is $_______5320.83____.
38. A man has a simple discount note for $6,100, at an ordinary bank discount rate of 8.61%, for 40
days. What is the effective interest rate? Round to the nearest tenth of a percent. (Use the banker's rule.) The effective interest rate is _____________%.
39. Sara is looking to purchase a washer and dryer. The Saturday newspaper had an advertisement for a local appliance store offering "90 days, same as cash!" financing. Sara asked how the financing worked and learned that she could pay for the washer and dryer any time during the first 90 days for the purchase price plus sales tax. If she waited longer, she would have to pay the purchase price, plus sales tax, plus
25.1% annual simple interest for the first 90 days, plus 4% simple interest per month (or any part of a month) on the unpaid balance after 90 days. Together, the washer and dryer cost $699 plus the 7.25%
sales tax. Sara knew that her tax refund from the IRS would be $900, so she bought the washer and dryer confident that she could pay off the balance within the 90 days. If Sara pays off the balance within 90 days, how much will she pay? $_______829_______ total to pay within 90 days.
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