Question 1

A footwear retailer sold 17 pairs of sneakers for $50 each, 11 pairs of leather shoes for $160 each, 16 pairs of boots for $245 each, and 23 pairs of canvas shoes for

$70 each. Calculate the average price of shoes sold (rounded to the nearest cent) based on:

a.Weighted average of the pairs of shoes

b.Simple arithmetic average of the types of shoes

Question 2

A clothing store paid $23.10 for a sweater and marked up the price by 58%. What was the amount of the markup? What was the price of the sweater after the increase?

Question 3

285% of what amount is 247?

Question 4

A clothing retail outlet purchased clothes in bulk from a wholesaler for $21,290. This was after a discount of 25% on the purchase. Calculate the original price of the clothes.

Question 5

Adam's hourly rate increased from $17.00 to $21.90 in January 2019. Find the percent change in his hourly rate.

Question 6

Luis, a sales representative at a jewelry store, receives a 1.50% commission for the first $13,000 in sales he makes, 3.00% for the next $30,000, and 5.00% thereafter. If he was paid $2,000.00 in commissions last month, calculate the amount of sales he made.

Question 7

Peter receives a gross pay of $1,500 bi-weekly from his employer. If his employer changed his pay period to monthly instead of bi-weekly, calculate the monthly payment that he would receive.

Question 8:

Lisa, Erica, and Jesse invest $21,000, $11,000, and $17,000, respectively, to build a boat. After the boat was built, Lisa decided to sell her share of the investment to Erica and Jesse. How much would Erica and Jesse have to pay Lisa if they want to maintain the same ratio of their investments in the boat?

Question 9:

A truck transporting material to a factory requires 160 litres of gas for every trip to cover 1,600 km. How many litres of gas will it require to cover 2,080 km?

Question 10

Peter borrowed $8,000 at an interest rate of 1.00% p.m. for 3 months. Calculate the maturity value of the loan at the end of the period.

Question 11

Raheem lent $1,500 to his younger brother for 75 days to help with college expenses. The brothers agreed that Raheem would receive simple interest of $17. What is the annual simple interest rate Raheem's brother agreed?

Question 12

How many years are needed for $3,000 to earn $520 in simple interest at 8% p.a.? Express your answer in years and months, rounded up to the next month.

Question 13

Ali borrowed $15,000 at 4.20% compounded monthly to buy a car. If the loan is for 3 years, how much does he owe at the end of the term? How much interest is accrued?

Question 14

Nima received a loan of $3,600 at 5% compounded daily. She pays it back in full in 1.5 years. How much interest does she pay at the end of the term?

Question 15

Moira wants to have $60,000 saved by her 60^th birthday in 7 years. If she invests at 6% compounded quarterly, how much does she need to invest today to reach her goal? How much interest will she make?

Question 16

Sakina needs to save $4,800 in the next 1.5 years. How much must she invest today, at a rate of 3.70% compounded annually?

Question 17

What is the principal value compounded monthly at 9.10% that accumulates to

$17,000 in 10.25 years?

Question 18

Cassandra deposited $85,000 in an investment fund that was growing at a rate of 3.50% compounded quarterly, for a period of 4 years and 6 months.

a.What is the accumulated value of the investment at the end of 4 years and 6 months?

b.What is the amount of interest earned from this investment?

Bonus Question:(10 Marks)

Harris Machinery received a demand loan of $190,000. It repaid $70,000 at the end of the first year, $95,000 at the end of the second year, and the balance at the end of the third year. The interest rate charged on the loan was 4.50% compounded semi-annually during the first year, 4.25% compounded quarterly during the second year, and 3.75% compounded monthly during the third year.

a.What was the balance of the loan at the end of the first year?

b.What was the balance of the loan at the end of the second year?

c.What amount at the end of the third year will settle the loan?