Questions and Answers of Contemporary Business Mathematics with Canadian Ap

1. The Ontario Payday Loan Act limits the amount an individual may be charged to $15 per $100 borrowed for a two-week period. Calculate the cost of the loan and the annual percentage rate of charge
On June 15, 2020, Jean-Luc borrowed $2500 from his bank secured by a demand loan. He agreed to repay the loan in five equal monthly installments and authorized the bank to collect the interest
Compute the maturity value for a four-month, 5.25% promissory note for $620 issued May 25, 2023.
Compute the present value on June 1, 2022, of $1785 due on October 15, 2022, if interest is 7.5%.
Debt obligations of $500.00 due on April 27, 2022, and $1625.00 due on September 30, 2022, are to be repaid by a payment of $1200.00 on July 6, 2022, and the balance on January 15, 2023. What is the
What principal will amount to $3367.28 if invested at 9% from November 1, 2023, to May 31, 2024?
Speed Mobile deposited $68 450 into an account that had a simple interest rate of 1.9% on December 28, 2019. On January 2, 2021, how much interest had been earned on that deposit?
What is the amount to which $1550 will grow from June 10, 2022, to December 15, 2022, at 6.5%?
Solve the following.Monica purchased a government-guaranteed short-term investment for $4965.50 maturing on May 5, 2024. On what date did Monica pay for the investment if she will receive $5000 on
On May 2, 2019, Seth deposited the $245 he received in a savings account that had a simple interest rate of 1.4% p.a. How much interest was earned and paid into his account by May 2, 2020?
According to the TD Bank’s mortgage calculator, principal of $275 000 on a house that is mortgaged at a rate of 3.84% amortized over a period of 25 years will result in total interest charges of
What rate of interest is required for $740.48 to earn $42.49 interest from September 9, 2022, to March 4, 2023?
How much interest will you pay on a debt of $7500 if you are paying the loan off in 13 months? Your loan rate is 6.375%.
Pierre registers for a business conference today during an early-bird sale for $449, instead of paying the full price of $499 five months from now. Had he not registered today, he would have invested
What principal will earn $39.96 interest from June 18, 2021, to December 15, 2021, at 9.25%?
Paolo took a loan of $15 160 on January 26th at a rate of 8.25%. He repaid the loan on July 8. What is the interest due on the repayment date?
Solve the following.On May 28, 2021, Ling purchased a government-guaranteed short-term investment maturing on August 4, 2021. How much did Ling pay for the investment if $10 000 will be received on
Ethan’s grandmother deposited $5000 for him in a savings account on his fifteenth birthday on March 30, 2021. How much interest would he have earned in the account by his eighteenth birthday
At what rate of interest will $1500 grow to $1562.04 from June 1, 2022, to December 1, 2022?
Solve the following.On October 29, 2021, Toddlers’ Toys borrowed money with a promise to pay $23 520.18 on March 5, 2022. This loan included interest at 6.5%. How much money did Toddlers’ Toys
Eastlink Limited has a monthly payroll of $4 million. The payroll manager selects a short-term investment for the money with a 0.6% p.a. rate. At the end of one month, what is the maturity value of
Use fractional equivalents to compute each of the following (round to the highest whole number). Do not convert percentages to decimals.75% of $180
Calculate the amount of interest earned on a $635.00 deposit at 6.5% p.a. between October 2, 2023, and August 4, 2024.
Solve the following.On March 15, 2024, Ben bought a government-guaranteed short-term investment maturing on September 12, 2024. How much did Ben pay for the investment if he will receive $10 000 on
What sum of money will earn $148.57 from September 1, 2021, to April 30, 2022, at 7.5%?
Solve the following.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%
On August 15, 2021, 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 paid
Solve the following.The annual Deerfield Golf Club membership fees of $1750 are due on March 1, 2022. Club management offers reduced membership fees of 18.9% p.a. to members who pay the dues by
Reena had an balance of $200 on her personal loan that charged interest at 8.4% p.a. She paid the balance, plus interest, after 58 days. How much interest did she have to pay?
Solve the following.Compute the amount of money that, deposited in an account on April 1, 2021, will grow to $657.58 by September 10, 2021, at 4.75% p.a.
What principal will earn $34.44 interest at 8.25% from May 30, 2021, to January 4, 2022?
On July 17, 2021, 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, 2021?
Nora borrows $37 500 on September 28, 2023, at 7% p.a. simple interest, to be repaid on October 31, 2024. She has the option of making payments toward the loan before the due date. Nora pays $6350 on
On April 1, 2021, Faircloud Variety Company deposited $24 000 into a savings account earning simple interest of 1.5%. How much interest was paid to Faircloud’s account on June 30, 2021?
What payment will reduce the amount due on an invoice of $1940 by $740 if the terms of the invoice are 5/10, n/30 and the payment is made during the discount period?
An invoice for $5275 dated November 12, terms 4/10, n/30, was received on November 14. What payment must be made on November 20 to reduce the debt to $3000?
Golf World sells a set of golf clubs for $762.50 below the suggested retail price. Golf World claims that this represents a 62.5% discount. What is the suggested retail price (or list price)?
An invoice was received for $6200 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
Canadian Wheel received an invoice dated May 13 with terms 2/10, n/30. The amount stated on the invoice was $2499.(a) What is the last day for taking the cash discount?(b) What is the amount due if
An item with a list price of $125.64 is offered at a discount of 37.5%. What is the net price?
1. lululemon athletica inc. reported that its net revenue for the third quarter of 2018 was $747.7 million, an increase of 21% compared to the third quarter of fiscal 2017. Calculate the net revenue
To earn some money, John is thinking of starting up a “Back-Yard BBQ” stand at his university campus this summer. The basic “BBQ” equipment will cost $2690 and the variable cost (VC) for each
1. Calculate total contribution margin and contribution rate for the company’s third quarter of 2019 operations.2. Calculate the company’s fixed cost.3. What is the selling price of one gram of
Solve the following system of equations.x/4 + 3y/7 = -2/212x/3 + 3y/2 = -7/36
Solve the following system of equations.x/3 + 2y/5 = 7/153x/2 - 7y/3 = -1
Solve the following system of equations.9x/5 + 5y/4 = 47/102x/9 + 3y/8 = 5/36
Solve the following system of equations.3x/4 - 2y/3 = -13/64x/5 + 3y/4 = 123/10
Solve the following system of equations.2.25x + 0.75y = 2.251.25x + 1.75y = 2.05
Solve the following system of equations.2.4x + 1.6y = 7.603.8x + 0.6y = 7.20
Solve the following system of equations.6.5x + 3.5y = 1282.5x + 4.5y = 106
Graph the following equation.y = -3x + 9
Solve the following system of equations.0.4x + 1.5y = 16.81.1x - 0.9y = 6.0
Graph the following equation.y = 2x - 3
Solve the following system of equations and check your solution.3x - 8y + 44 = 07x = 12y - 56
Graph the following equation.y = -4
Best World Places has two locations in eastern Canada with a total number of 240 rooms. If the number of rooms in the larger hotel is 100 less than three times the number of rooms in the smaller
Graph the following equation.2x + 3y = 6
Graph the following equation.3x - 4y = 12
Graph the following inequality.y < 5
Solve the following system of equations and check your solution.6x + 3y = 242x + 9y = -8
Solve the following linear system graphically.3y = -5x and x = -3
Solve the following system of equations and check your solution.4x + y = -13x - 5y = -19
Solve the following linear system graphically.5x - 2y = 20 and y = 5
Solve the following systems of equation and check your solution.3x = 10 - 2y5y = 3x - 38
Solve the following linear system graphically.4x = -5y and 2x + y = 6
Solve the following systems of equation and check your solution.y = 3x + 12x = -y
A farm was offered for sale at 320% above cost. The farm was finally sold for $770 000, at 8 1/3% below the asking price.(a) What was the original cost of the farm to the owner?(b) How much gain did
Solve the following problem.In Newfoundland, a car was sold for $16 675, including 15% HST. How much was the harmonized sales tax on the car?
Solve the following problem.A property purchased for $42 000 is now appraised at $178 500. What is the percent gain in the value of the property?
Solve the following problem. The S&P/TSX Composite Index was $15 953.51 on October 26, 2017 and $14 888.26 on October 26, 2018. Josh holds an investment portfolio representative of the
1. What portion of her eligible home expenses may Camille claim as tax-deductible expenses if the expenses are allocated on the basis of (a) area?2. What is her net business income if Camille
In the hotel industry, three important metrics that hotel managers consider to improve their hotel performance are Occupancy Rate, Average Daily Rate (ADR), and Revenue per Available Room (REVPAR),
1. How many shares of each stock would he get if he used the $28 500 and invested equally in all four companies?2. Suppose Amarjit decided to buy shares in only TELUS and Goldcorp. How many shares of
Mei Jung paid $18 toward a dinner that cost a total of $45. What percent of the total did she pay for?
Gerry’s four sons were to share equally in a prize, receiving $280 each. How much was the total prize?
Gerry’s four sons were to share equally in a prize, receiving $280 each. How much was the total prize?
Answer each of the following questions. $180 is what percent of $450?
Answer each of the following questions.What is 1/8% of $880?
Answer each of the following questions.$120 is what percent of $60?
Calculate the percentage rate for each of the following.Percentage $39; original amount $18
Calculate the percentage rate for each of the following.New amount $150; base $90
Calculate the percentage rate for each of the following.Percentage $30; base $45
Abeni calculated her 2018 taxable income to be $102 450. How much federal income tax should she report? Refer Table 3.3.
Calculate the percentage rate for each of the following.Percentage $132; base $22
Suppose the Consumer Price Index in 2019 is 131.9, with 2002 as the base year.(a) What is the purchasing power of the dollar in 2019 compared to 2002?(b) What is the real income, relative to 2002, of
Calculate the percentage rate for each of the following.New amount $11; original amount $440
Media Marketing of Atlanta, Georgia, offers a three-day accommodation coupon for a Hilton Head resort in South Carolina at a promotion price of C$316. If the exchange rate is C$1.18 per U.S. dollar,
Calculate the percentage rate for each of the following.New amount $6; original amount $120
Calculate the percentage rate for each of the following.Base $140; percentage $490
Solve the following problem.A company’s employee compensation expense for August, consisting of the gross pay plus 4% vacation pay based on gross pay, was $70 200. How much was the amount of
Calculate the percentage rate for each of the following.Base $800; percentage $920
Calculate the percentage rate for each of the following.Original amount 72; new amount 54
Calculate the percentage rate for each of the following.Original amount 60; new amount 36
Use fractional equivalents to compute each of the following (round to the highest whole number). Do not convert percentages to decimals.25% of $440
Use fractional equivalents to compute each of the following (round to the highest whole number). Do not convert percentages to decimals.133 1/3% of $45
Use fractional equivalents to compute each of the following (round to the highest whole number). Do not convert percentages to decimals.16 2/3% of $54
Use fractional equivalents to compute each of the following (round to the highest whole number). Do not convert percentages to decimals.116 2/3% of $42
Use fractional equivalents to compute each of the following (round to the highest whole number). Do not convert percentages to decimals.166 2/3% of $90
Solve the following problem.A wage earner’s hourly rate of pay increased from $15.50 to $16.12. What was the percent raise?
The community of Oakcrest sets a property tax rate of $32 per $1000 of assessed value. What is the assessment if a tax of $3854 is paid on a property?

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