26- Find the discount date and net payment date. (The net payment date is 20 days after the final discount date.) Invoice date: Sep 8 Terms: 3/6 EOM
a. Discount date: Oct 6; net payment date: Oct 26
b. Discount date: Sept 14; net payment date: Oct 6
c. Discount date: Sept 14; net payment date: Oct 30
d. Discount date: Sept 6; net payment date: Oct 31
27-Find the ordinary interest to the nearest cent. $3380 at 7% for 266 days
28-Find the unpaid balance at the end of the month for the account. Unpaid Balance at Finance month beginning charge purchases returns payment Jan $533.30 $127.86 $42.14 $95.00 Feb $192.93 $110.00 Finance rate is 1.7% on the unpaid balance. Find unpaid balance at the end of Feb.
29-Find the finance charge on the revolving charge account. Assume interest is calculated on the unpaid balance of the account. Round to the nearest cent. Unpaid Balance Monthly Interest Rate $493.80 1(7/8)%
30-Solve for the amount of discount and amount due. Invoice amt: $293.41 Invoice date: Sept 13 Terms: 3/11 EOM Goods rec’d: Sept 16 Date paid: Oct 9
a. Amount of discount: $0; amount due: $293.41
b. Amount of discount: $8.50; amount due: $282.41
c. Amount of discount: $32.28; amount due: $261.13
d. Amount of discount: $8.80; amount due: $284.61
31- Solve the problem. Round dollars to the nearest cent and rates to the nearest tenth of a percent. The cost of an item is $259. For a special year-end sale the price is marked down 20%. Find the selling price of the item.
32- Provide an appropriate response. Find the amount by which the interest compounded annually is larger than the simple interest. Round to the nearest cent. Use the formula M = P(1 + i)n to find the compound amount. Principal: $710 Rate: 6% Years: 11
33- Find the maturity value of the simple interest note. Face Value: $3618 Length of Loan: 281 days Rate: 12%
34- Find the principal. Round to the nearest cent. Rate: 10% Time: 60 days Interest: $69.25
35-Find the requested value using the given stock table. Change from the previous day for CommSource (CSC)
36- Find the interest and maturity value for the loan. Round to the nearest cent. $4252 at 6% for 10 months
a. $233.86; $4485.86
b. $214.39; $4466.39
c. $191.34; $4443.34
d. $212.60; $4464.60
37-Find the cost for the stock purchase. Ignore any broker’s fee and assume that the purchase was at the close price for the day. Then find the annual dividend that would have been paid for the year on that number of shares. 421 shares of Coleman (CLN)
a. Cost $16,208.50; dividend $0
b. Cost $15,998.00; dividend $210.50
c. Cost $15,998.00; dividend $0
d. Cost $16,208.50; dividend $210.50
38-Solve the problem. Bed ‘n’ Board Linen took inventory on the first of each month for the full year. The sum of the inventories was $674.769. On December 31, inventory was taken again and amounted to . Find the average inventory for the year.
39- Solve the problem. On June 1, the unpaid balance in an account was $177. On June 13, a payment of $75 was made. The finance charge rate was 1.5% per month of the average daily balance. Find the new balance at the end of June.
40-Find the PE ratio. Round to the nearest whole number. Stock: Crown Current Price per Share: $32.59 Annual Net Earnings per Share: $9.06