HUI 29.doc

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  1. Andrew earns $1.680 per week. He is married and claims 3 exemptions. What is his Fed Income Tax? Use percentage method.
    A. $1680 B. $197.12 C. $166.15 D. $123.86
    2. The amount of simple interest for a loan of $4300 at 9% interest for 21 months is?
    A. $221.14 B. $387.00 C. $677.25 D. $4977.25
    3.What would be the amount of interest on $12000 invested for one yr at 6% compounded quarterly?
    A. $12736 B. $737 C. $720 D. $180
    4. A model car lists for $79.99 with a trade discount of 40%. What is the net price?
    A. $47.99 B. $31.99 C. $111.99 D. $127.98
    5. The total amount of interest on a loan of $5400 for 180 days is $243. Using the ordinary interest method, what is the rate of interest on this loan?
    A. 4.5% B. 6% C. 9% D 11%
    6. A manager buys items from a vendor for $10680. Terms of sale at 3/10, n/30. What will be the net amount due if he pays the bill by the 10th day after the items are received?
    A. $9612.00 B. $10359.60 C. $10466.40 D $10680.00
    7. Merchandise was purchased at list for $8982 with a single trade discount of 12%. What was the net price?
    A. $10059.84 B. $7904.16 C. $7005.96 D. $1077.84
    8. What is the effective rate of $23000 invested for one yr at 6%, compounded semiannually?
    A. 2.6% b. 3.0% C. 5.7% D. 6.1%
    9. A business purchased supplies from a manufacturer for a list price of $8500, minus trade discounts of 15/10/5.. What is the amount of trade discount rounded to the nearest cent?
    A. $7225.00 B. 6177.37 C. $2322.63 D. $1275.00
    10. Given interest of $1632 with a principal of $16000 for 306 days, a rate of ______ ist the result.
    A. 10% B. 12% C. 12 1/36% D. 13%
    11. What are the proceeds of a $5800 simple discount mote at a 9% bank discount rate for 9 months?
    A.$391.50 B. $4698.00 C. $5408.50 D. $6191.50