QUESTION DESCRIPTION:
- Pat Radigan is planning to buy a Toyota hybrid for $18,939 with $2,600 down and plans to finance the car. Citizens’ Financial Bank quoted a finance charge at 8% for 48 months; Charter One Bank quoted him a finance charge at 7.5% for 60 months.
a. What would be his monthly payment to Citizens’ Financial Bank? (Do not round intermediate calculations. Round your answer to the nearest cent.)
b. What would be his monthly payment to Charter One Bank? (Do not round intermediate calculations. Round your answer to the nearest cent. )
c. How much more would his monthly payment be on the 48-month loan? (Do not round intermediate calculations. Round your answer to the nearest cent.)
- Cody Lind’s most recent credit card statement follows. His finance charge is 18% APR.
| 30-day billing cycle | ||||
| 9/2 | Billing date | $ | 3,100 | previous balance |
| 9/7 | Payment | $ | 195 | cr. |
| 9/13 | Charge: Kohl’s | 540 | ||
| 9/17 | Payment | 295 | cr. | |
| 9/28 | Charge: Walmart | 120 | ||
a. Calculate Cody’s average daily balance.
b. Calculate Cody’s finance charge. (Round final answer to the nearest cent.)
c. Calculate Cody’s new balance. (Round final answer to the nearest cent.)
- The list price of a smartphone is $329. A local Verizon dealer receives a trade discount of 30%. Find the trade discount amount and the net price. (Round your answers to the nearest cent.)
Trade discount amount:
Net Price:
- Lucky you! You went to couponcabin.com and found a 20% off coupon to your significant other’s favorite store. Armed with that coupon, you went to the store only to find a storewide sale offering 10% off everything in the store. In addition, your credit card has a special offer that allows you to save 10% if you use your credit card for all purchases that day. Using your credit card, what will you pay before tax for the $150 gift you found? Use the single equivalent discount to calculate how much you save and then calculate your final price. (Do not round intermediate calculations. Round your final answers to the nearest cent.)
Savings:
Final Price:
- Levin Furniture buys a living room set with a $4,600 list price and a 50% trade discount. Freight (FOB shipping point) of $45 is not part of the list price. What is the delivered price (including freight) of the living room set, assuming a cash discount of 1/10, n/30, ROG? The invoice had an April 8 date. Levin received the goods on April 19 and paid the invoice on April 25.
Delivered Price:
- Home Depot wants to buy a new line of fertilizers. Manufacturer A offers a 18/12 chain discount. Manufacturer B offers a 24/9 chain discount. Both manufacturers have the same list price.
a. What is the percentage of discount for both manufacturers? (Do not round intermediate calculations. Round your final answers to the nearest hundredth percent.)
Percentage of discount %
Manufacturer A:
Manufacturer B:
b. What manufacturer should Home Depot buy from?
Manufacturer B
Manufacturer A
- Bally Manufacturing sent Intel Corporation an invoice for machinery with a $15,300 list price. Bally dated the invoice August 15 with 5/10 EOM terms. Intel receives a 20% trade discount. Intel pays the invoice on August 28. What does Intel pay Bally?
Payable amount:
- Stacy’s Dress Shop received a $1,110 invoice dated July 14 with 4/10, 3/15, n/60 terms. On July 28, Stacy’s sent a $248 partial payment.
a. What credit should Stacy’s receive? (Round your answer to the nearest cent.)
b. What is Stacy’s outstanding balance? (Round your answer to the nearest cent.)
- Sam’s Ski Boards.com offers 5/3/1 chain discounts to many of its customers. The Ski Hut ordered 20 ski boards with a total list price of $5,400.
a. What is the net price of the ski boards? (Do not round intermediate calculations. Round your final answer to the nearest cent.)
b. What was the trade discount amount? (Do not round intermediate calculations. Round your final answer to the nearest cent.) - Bari Jay, a gown manufacturer, received an order for 630 prom dresses from China. Her cost is $33 a gown. If her markup based on selling price is 69%, what is the selling price of each gown? (Round your answer to the nearest cent.)
Selling Price:
- Brian May, guitarist for Queen, does not know how to price his signature Antique Cherry Special that cost him £405 to make. He knows he wants 80% markup on cost. What price should Brian May ask for the guitar?
Price:
- Cecil Green sells golf hats. He knows that most people will not pay more than $15 for a golf hat. Cecil needs a 31% markup on cost. What should Cecil pay for his golf hats? (Round your answer to the nearest cent.)
Cecil pay:
- Macy’s was selling Calvin Klein jean shirts that were originally priced at $47.00 for $8.46.
a. What was the amount of the markdown? (Round your answer to the nearest cent.)
b. Based on the selling price, what is the percent markdown?
- Brownsville, Texas, boasts being the southernmost international seaport and the largest city in the lower Rio Grande Valley. Ben Supple, an importer in Brownsville, has just received a shipment of Peruvian opals that he is pricing for sale. He paid $141 for the shipment. Assume he wants a 70% markup.
a. Calculate the selling price based on selling price.
b. Calculate the selling price based on cost. (Round your answer to the nearest cent.)
- Front Range Cabinet Distributors in Colorado Springs, Colorado, sells to its contractors with a 54% markup on cost. If the selling price for cabinets is $9,768, what is the cost to contractors based on cost? (Round your answer to the nearest cent.)
Based on cost:
- DeWitt Company sells a kitchen set for $495. To promote July 4, DeWitt ran the following advertisement:
Beginning each hour up to 4 hours we will mark down the kitchen set 11%. At the end of each hour, we will mark up the set 2%.
Assume Ingrid Swenson buys the set 1 hour 50 minutes into the sale.
a. What will Ingrid pay? (Round your answer to the nearest cent.)
b. What is the markdown percent? (Round your answer to the nearest hundredth percent.)
- Angie’s Bake Shop makes birthday chocolate chip cookies that cost $2 each. Angie expects that 13% of the cookies will crack and be discarded. Angie wants a 55% markup on cost and produces 100 cookies. What should Angie price each cookie? (Round your answer to the nearest cent.)
Price per cookie:
- Jane Corporation produces model toy cars. Each sells for $23.96. Its variable cost per unit is $16.33. What is the breakeven point for Jane Corporation assuming it has a fixed cost of $225,085?
Breakeven point__________ units
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