Polly Flin borrowed $4,000 for 60 days at 4%. On day 15, Polly made a $700 partial pay ment. On day 40, Polly made a $2,000 partial payment. What is Polly's ending balance du under the U.S. Rule (assuming a 360-day year)? 5 Bob Fry wants to buy his grandson a Ford Taurus in 4 years. The cost of a car will be $28,000. Assuming a bank rate of 4% compounded quarterly, how much must Bob put in the bank today? LU 8-3a EXTRA PRACTICE QUIZ WITH WORKED-OUT SOLUTIONS 1. Sunshine Music Shop bought a stereo for $800 and marked it up 30% on selling price. To promote customer interest, Sunshine marked the stereo down 10% for 1 week. Since busi- ness was slow, Sunshine marked the stereo down an additional 5%. After a week, Sunshine marked the stereo up 2%. What is the new selling price of the stereo to the near- est cent? What is the markdown percent based on the original selling price to the nearest hundredth percent? 2. Alvin Rose owns a fruit and vegetable stand. He knows that he cannot sell all his produce at full price. Some of his produce will be markdowns, and he will throw out some produce. Alvin must put a high enough price on the produce to cover markdowns and rotted produce and still make his desired profit. Alvin bought 500 pounds of tomatoes at 16 cents per pound. He expects a 10% spoilage and marks up tomatoes 55% on cost. What price per pound should Alvin charge for the tomatoes