1. A bicycle is listed for $599 less 30%, 20%, and 5%.

a. What is the net price?

b. What is the total amount of discount allowed?

c. What is the exact single rate of discount that was allowed?

2. A distributor lists an item for $66.00 less 40%. To improve lagging sales, the net price is further reduced to $35.64. What additional rate of discount is offered?

3. An invoice was received for $6,200 dated June 21 with terms 2/10, n/30.

a. What is the last day for taking the cash discount?

b. What is the amount due if the invoice is paid on the last day for taking the discount?

4.

A gas barbecue cost a dealer $620 less 37.5% and 4%. The unit is regularly priced at $558.

The dealers overhead expense is 15% of the regular selling price and the gas barbecue was cleared out for $432.45.

a. What was the regular rate of markup based on cost?

b. What was the rate of markdown at which the barbecue was sold?

c. What was the operating profit or loss?