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Questions and Answers of Finance

A hand-held telephone set that cost a dealer $240 less 55% and 25% is marked up 230% of cost. The dealer overhead expenses are 25% of the regular selling price. For a sales promotion, the telephone
Bargain City clothing store purchased raincoats for $36.75. The store requires a markup of 30% of the sale price. What regular selling price should be marked on the raincoats if the store wants to
A jewellery store paid $36.40 for a watch. Store expenses are 24% of regular selling price and the normal net profit is 20% of regular selling price. During a Special Bargain Day Sale, the watch was
The Outdoor Shop buys tents for $264 less 25% for buying more than 20 tents. The store operates on a markup of 33 1⁄3% of the sale price and advertises that all merchandise is sold at a discount of
Sky Sales Inc. purchased portable communication devices listed at $198 less 60% and 16 2∕3%. Expenses are 45% of the regular selling price and net profit is 25% of the regular selling price.
Lund’s Pro Shop purchased sets of golf clubs for $500 less 40% and 16 2⁄3%. Expenses are 20% of the regular selling price and the required profit is 17.5% of the regular selling price. The store
Big Boy Appliances bought self-cleaning ovens for $900 less 33 1⁄3% and 5%. Expenses are 15% of the regular selling price and profit is 9% of the regular selling price. For competitive reasons, the
Blue Lake Marina sells a maker of cruiser for $16 800. This regular selling price covers overhead of 15% of cost and a normal net profit of 10% of cost. The cruisers were marked with a price so that
A gas barbecue cost a retailer $420 less 33 1⁄3%, 20%, and 5%. It carries a regular selling price on its price tag at a markup of 60% of the regular selling price. During the end-of-season sale,
The Stereo Shop sold a radio regularly priced at $125 for $75. The cost of the radio was $120 less 33 1⁄3% and 15%. The store’s overhead expense is 12% of the regular selling price. (a) What was
An automatic dishwasher cost a dealer $620 less 37 1⁄2% and 4%. It is regularly priced at $558. The dealer’s overhead expense is 15% of the regular selling price and the dishwasher was cleared
A hardware store paid $33.45 for a set of cookware. Overhead expense is 15% of the regular selling price and profit is 10% of the regular selling price. During a clearance sale, the set was sold at a
Aldo’s Shoes bought a shipment of 200 pairs of women’s shoes for $42 per pair. The store sold 120 pairs at the regular selling price of $125 per pair, 60 pairs at a clearance sale at a discount
The Pottery bought 600 pans auctioned off for $4950. This means that each pan has the same cost. On inspection, the pans were classified as normal quality, seconds, or substandard. The 360
A clothing store buys shorts for $24 less 40% for buying over 50 pairs, and less a further 16 2⁄3% for buying last season’s style. The shorts are marked up to cover overhead expenses of 25% of
Furniture City bought chairs for $75 less 33 1⁄3%, 20%, and 10%. The store’s overhead is 75% of cost and net profit is 25% of cost. (a) What is the regular selling price of the chairs? (b) At
a. SportZ Ltd. has offered a series of discounts to their retail outlets. The basic whole- sale discount is 30% off the suggested retail price. If the retailer purchases more than $5000 from SportZ,
a. lululemon athletica inc. reported that its net revenue for fourth quarter 2011 increased 51.4% from US$245.4 million in the fourth quarter of fiscal 2010. Calculate the net revenue for fourth
A toolbox is listed for $56 less 25%, 20%, and 5%. (a) What is the net price of the toolbox? (b) What is the amount of discount? (c) What is the single rate of discount that was allowed?
What amount must be remitted if the following invoices, all with terms 5/10, 2/30, n/60, are paid together on December 8? Invoice No. 312 dated November 2 for $923.00 Invoice No. 429 dated November
Delta Furnishings received an invoice dated May 10 for a shipment of goods received June 21. The invoice was for $8400.00 less 33 1⁄3% and 12 1⁄2% with terms 3/20, R.O.G. How much must Delta pay
The Peel Trading Company received an invoice dated September 20 for $16 000 less 25% and 20%, terms 5/10, 2/30, n/60. Peel made a payment on September 30 to reduce the debt to $5000 and a payment on
Emco Ltd. received an invoice dated May 5 for $4000 less 15% and 7 1⁄2%, terms 3/15 E.O.M. A cheque for $1595.65 was mailed by Emco on June 15 as part payment of the invoice. (a) By how much did
Homeward Hardware buys cat litter for $6 less 20% per bag. The store’s overhead is 45% of cost and the owner require a profit of 20% of cost. (a) For how much should the bags be sold? (b) What is
A retail store realizes a markup of $31.50 if it sells an article at a markup of 35% of the selling price. (a) What is the regular selling price? (b) What is the cost? (c) What is the rate of markup
Using a markup of 35% of cost, a store priced a book at $8.91. (a) What was the cost of the book? (b)What is the markup as a percent of selling price?
A bicycle helmet costing $54.25 was marked up to realize a markup of 30% of the regular selling price. (a) What was the regular selling price? (b) What was the markup as a percent of cost?
A bedroom suite that cost a dealer $1800 less 37.5% and 18% carries a price tag with a regular selling price at a markup of 120% of cost. For quick sale, the bedroom suite was marked down 40%. (a)
Gino’s purchased men’s suits for $195 less 33 1⁄3%. The store operates at a normal markup of 35% of regular selling price. The owner marks all merchandise with prices so that the store can
An appliance store sold GE coffeemakers for $22.95 during a promotional sale. The store bought the coffeemakers for $36 less 40% and 15%. Overhead is 25% of the regular selling price. (a) If the
Billington’s buys shirts for $21 less 25% and 20%. The shirts are priced at a regular selling price to cover expenses of 20% of regular selling price and a profit of 17% of regular selling price.
A jewellery store paid a unit price of $250 less 40%, 16 2⁄3%, and 8% for a shipment of designer watches. The store’s overhead is 65% of cost and the normal profit is 55% of cost. (a) What is the
Sight and Sound bought large-screen colour TV sets for $1080.00 less 33 1⁄3% and 8 1⁄3%. Overhead is 18% of regular selling price and required profit is 15 1⁄3% of regular selling price. The TV
Ward Fitness lists a treadmill at $1860 less 33 1⁄3% and 15%. To meet competition, Ward wants to reduce its net price to $922.25. What additional percent discount must Ward allow?
South Side Appliances bought bread makers for $180 less 40%, 16 5∕6%, and 10%. The store’s overhead is 45% of regular selling price and the profit required is 21 1⁄4% of the regular selling
A merchant realizes a markup of $42 by selling an item at a markup of 37.5% of cost. The merchant’s overhead expenses are 17.5% of the regular selling price. At a promotional sale, the item was
The Knit Shoppe bought 250 sweaters for $3100; 50 sweaters were sold at a markup of 150% of cost and 120 sweaters at a markup of 75% of cost; 60 of the sweaters were sold during a clearance sale for
Determine the single rate of discount equivalent to the discount series 35%, 12%, and 5%.
A 40% discount allowed on an article amounts to $1.44 what is the net price?
Baton Supplies has been selling skateboard decks for $112 less 15%. What additional discount percent must the company offer to meet a competitor’s price of $80.92?
A freezer was sold during a clearance sale for $387.50. If the freezer was sold at a discount of 16 2⁄3%, what was the list price?
The net price of a snow shovel is $20.40 after discounts of 20% and 15%. What is the list price?
On May 18, an invoice dated May 17 for $4000 less 20% and 15%, terms 5/10 E.O.M., was received by Aldo Distributors. (a) What is the last day of the discount period? (b) What is the amount due if the
An item that cost the dealer $350 less 35% and 12.5% carries a regular selling price on the tag at a markup of 150% of cost. For quick sale, the item was reduced 30%. What was the sale price?
An article cost $900 and sold for $2520. What was the percent markup based on cost?
A markup of $90 is made on a sale. If the markup was 45% based on selling price, what was the cost?
A surf shop reduces the price of a paddle board for quick sale from $1560 to $1195. Compute the markdown correct to the nearest 1∕100 of 1%.
A retailer buys an appliance for $1480 less 25% and 15%. The store prices the merchandise at a regular selling price to cover expenses of 40% of the regular selling price and a net profit of 10% of
Discount Electronics buys stereos for $830 less 37.5% and 12.5%. Expenses are 20% of cost and the required profit is 15% of the regular selling price. All merchandise is marked with a price so that
Discount Electronics lists an article for $1020 less 25% and 15%. A competitor carries the same article for $927 less 25%. What further discount (correct to the nearest 1∕10 of 1%) must the
What amount must be remitted if the following invoices, all with terms 4/10, 2/30, n/60, are paid on May 10? $850 less 20% and 10% dated March 21 $960 less 30 and 16 2⁄3% dated April 10 $1040 less
An invoice for $3200, dated March 20, terms 3/10 E.O.M., was received March 23. What payment must be made on April 10 to reduce the debt to $1200?
On January 15, Sheridan Service received a shipment with an invoice dated January 14, terms 4/10 E.O.M., for $2592. On February 9, Sheridan Service mailed a cheque for $1392 in partial payment of the
What is the regular selling price of an item purchased for $1270 if the markup is 20% of the regular selling price?
The regular selling price of merchandise sold in a store includes a markup of 40% based on the regular selling price. During a sale, an item that cost the store $180 was marked down 20%. For how much
On April 1, 2015, Faircloud Variety Company deposited $24 000 into a savings account earning simple interest of 1.5%. Interest is paid to the account at the end of every calendar quarter. How much
On July 17, 2016, Leah deposited $1500 into a savings account that earned simple interest of 1.05%. How much interest was earned and paid into Leah’s account on December 1, 2016?
Along with licensing, the purchase of auto insurance for vehicles is required in Canada. Benefits of auto insurance are as follows: • Safeguards the investment in the automobile. • Pays for
Find the principal that will earn $148.32 at 6.75% in eight months
How many days will it take $1200 to earn $12.22 interest at 16.9%?
What principal will earn $39.96 interest from June 18, 2014, to December 15, 2014, at 9.25%?
What rate of interest is required for $740.48 to earn $42.49 interest from September 10, 2015, to March 4, 2016?
Philip wants to supplement his pension by $2000 per month with income from his investments. His investments pay him monthly and earn 6% p.a. What value of investments must Philip have in his
Bunny’s Antiques received $88.47 interest on a 120-day term deposit of $7800. At what rate of interest was the term deposit invested?
Anne’s Dress Shop borrowed $3200 to buy material. The loan was paid off seven months later by a lump-sum payment that included $168 of interest. What was the simple rate of interest at which the
Mac’s credit card statement included $360 in cash advances and $3.20 in interest charges. The interest rate on the statement was 13.5%. For how many days was Mac charged interest?
Bill filed his income tax return with the Canada Revenue Agency (CRA) after the April 30 deadline. He calculated that he owed the CRA $3448, but did not include a payment for this amount when he sent
On August 15, 2015, Low Rider Automotive established a line of credit at its bank, with interest at 8.75% p.a. This line of credit was used to purchase $5000 of inventory and supplies. Low Rider
Determine the deposit that must be made to earn $39.27 in 225 days at 2.75%.
A loan of $880 can be repaid in 15 months by paying the principal sum borrowed plus $104.50 interest. What was the rate of interest charged?
Joan borrowed $650 and is to repay the balance plus interest of $23.70 in seven months. What was the rate of interest charged?
At what rate of interest will $1387 earn $63.84 in 200 days?
A deposit of $2400 will earn $22.74 in 91 days at what rate of interest?
In how many months will $1290 earn $100.51 interest at 8 1∕2%?
Interest of $20.95 is earned at 3.15% on a deposit of $2660 in how many months?
Determine the number of days it will take $564 to earn $15.09 at 7 3∕4%
Paul invested $2500 in a 180-day term deposit at 3.45% p.a. What is the maturity value of the deposit?
Suzette invested $800 in a 210-day term deposit at 2.75% p.a. What is the maturity value of the deposit?
On September 30, Red Flag Inn invested $26 750 in a short-term investment of 215 days. An investment of this length earns 1.3% p.a. How much will the investment be worth at maturity?
Speedy Courier invested $13 500 in a 270-day term deposit. What is the maturity value if the rate of interest is 3.65%?
Mishu wants to invest an inheritance of $50 000 for one year. His credit union offers 3.95% for a one-year term or 3.85% for a six-month term.(a) How much will Mishu receive after one year if he
Prairie Grains Cooperative wants to invest $45 000 in a short-term deposit. The bank offers 1.3% interest for a one-year term and 1.1% for a six-month term.(a) How much would Prairie Grains receive
What principal will have a future value of $1241.86 at 3.9% in five months?
On May 28, 2015, Ling purchased a government-guaranteed short-term investment maturing on August 4, 2015. How much did Ling pay for the investment if $10 000 will be received on August 4, 2015, and
Patricia and Louie have dreamed of a European vacation for years at a cost between $10 000 and $12 000. They plan to leave on April 4, 2015, for a month of backpacking. They decided that the Canada
Alex is just out of school and has started working. He is looking forward to buying his first car. Although Canada Savings Bonds are offering low rates, Alex is looking for a disciplined approach and
Twenty years ago, Canada Savings Bonds earned 7.5% annually. If that rate existed today, how much more interest would Alex earn in his 12th month by following the same steps?
What amount of money will accumulate to $480.57 in 93 days at 4.6%?
Determine the present value of a debt of $1760 due in four months if interest at 9 3∕4% is allowed.
Compute the present value of a debt of $708.13 eighty days before it is due if money is worth 5.3%.
Compute the amount of money that, deposited in an account on April 1, 2015, will grow to $657.58 by September 10, 2015, at 4.75% p.a.
The annual Deerfield Golf Club membership fees of $1750 are due on March 1, 2015. Club management offers a reduction of membership fees of 18.9% p.a. to members who pay the dues by September 1, 2014.
You are the accountant for Peel Credit Union. The lawyer for a member has sent a cheque for $7345.64 in full settlement of the member’s loan balance including interest at 6.25% for 11 months. How
On March 15, 2016, Ben bought a government-guaranteed short-term investment maturing on September 12, 2016. How much did Ben pay for the investment if he will receive $10000 on September 12, 2016,
On October 29, 2014, Toddlers’ Toys borrowed money with a promise to pay $23 520.18 on March 5, 2015. This loan included interest at 6.5%. How much money did Toddlers’ Toys borrow on October 29?
Scheduled debt payments of $600 each are due three months and six months from now. If interest at 10% is allowed, what single payment today is required to settle the two scheduled payments?
When Ruby borrowed $2300, she agreed to repay the loan in two equal payments, to be made 90 days and 135 days from the day the money was borrowed. If interest is 9.25% on the loan, what is the size
Ruben repaid $800, paying back two equal outstanding loans from seven months ago and five months ago. If interest is 11% on the loans, and the agreed focal date is today, what was the size of the
Judy received a payment of $2950 and used it to pay back two equal outstanding loans from 45 days ago and 190 days ago. If interest is 12.5% on the loans, and the agreed focal date is today, what was
Jessica should have made two payments of $800 each. The first was due 60 days ago and the second payment was due 30 days ago. The two original scheduled payments are to be settled by two equal

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