Questions and Answers of Fundamentals of Business Mathematics in Canada

Jonas recently purchased a one-year membership at Gold's Gym. He can add a second year to the membership now for $1215, or wait 11 months and pay the regular single-year price of $1280.a. Which is
Jenika has $12,400 invested at a simple interest rate of 4.2%. Patrick earns only 3.85% on his investments. How much would Patrick need to invest in order to earn the same amount of interest per
On June 26, 2016, $1000 was borrowed at an interest rate of 10.75%. On what date was the loan repaid if the amount of accrued interest was $64.21?
Today is March 25. Snow tires that you need are available today at a sale price of $89.95 each. If you wait until October 1 to buy the tires, you will pay the full price of $107.50 each. If you buy
Nicholas can purchase the same furniture from Store A for $2495 cash or from Store B for $2560 with nothing down and no payments or interest for 8 months. Which option should Nicholas choose if he
During its 50-50 Sale, Marpole Furniture will sell its merchandise for 50% down, with the balance payable in 6 months. No interest is charged for the first 6 months. What 100% cash price should
Sergon has $5000 to invest for 6 months. The rates offered on 3-month and 6-month term deposits at his bank are 3.5% and 3.8%, respectively. He is truing to choose between the 6-month term deposit
The Matheson family is having an in-ground backyard pool installed. Clearwater Pools will install the pool in the autumn for a cash payment of $28,000 due on September 30, 2014. Alternately, the
Ebe decided that he would accept an equivalent payment of $7472.71 on March 14, 2017 as full settlement of a scheduled $7500 payment. On what date was the $7500 scheduled payment due if Ebe used
Umberto borrowed $7500 from Delores on November 7, 2016. When Umberto repaid the loan, Delores charged him $190.02 interest. If the rate of simple interest on the loan was 6.75%, on what date did
A homeowner received an electricity bill for $218.83. The due date for payment ,vas march 23. When she paid the bill in full on April 16, the homeowner was charged a late payment fee of $8. What
The makers of Sea-Fun Jet Skis offer their dealers a series discount of 20% and 10%. In order to encourage the dealers to hold inventory during the slow winter months, Sea-Fun would like to increase
Regal Event Management received an invoice from a supplier of banquet tables dated November 18 for $8650. Regal received the tables on November 26. The credit terms are 11/10, n/30, EOM. If Regal
An invoice for $8830 is dated March 24 and has credit terms 3/10, n/40, ROG. The customer received the goods on April 3. If a $3900 payment was made on April 8, what additional payment on April 13
A merchant pays a 1.5% fee to the RBC Royal Bank on all Visa sales.a. What amount will he pay on sales of $28,476 for a month?b. What were his gross sales for a month in which the bank charged fees
Mapleview Poultry Farms gives convevience stores a trade discount of 25% on eggs listed at $43 per case. What trade discount will Sunnyside Farms have to give on its list price of $44.50 per case to
Grocery and department stores sometimes offer items priced below cost (called "loss leaders") to attract customers to the store, in the hope that they will also purchase other, high margin goods that
At its current price of $0.80 per kilogram, the wholesale price of a commodity is down 72% from its price one year ago. What was that price?
A vending machine company purchases bottled soft drinks for $0.80 per bottle. What will be the operating profit per bottle if the company estimates its operating expenses to be $0.85 per bottle and
After applying a rate of markup of 50% based on selling price, a retailer prices a pair of gloves at $19.90.a. What is the cost of the gloves to the retailer?b. What is the rate of markup based on
Marina found a purse that regularly sells for $100 on the sale rack of her favourite store. The purse was marked down by 4096. A sign on the sale rack said "Take an additional 50% off sale prices
Janeth is selling a cottage property that is currently listed for $299,900. Her real estate agent has convinced her that the price needs to be discounted by 3.2% to take into account the poor
A florist bugs a potted plant for $12 less trade discounts of 20% and 596. If the florist applies a rate of markup based on cost of 9096:a. What is the selling price of the plant?b. What is the rate
Durham Distributors buys an item from a supplier that lists for $595. Durham is eligible for a trade discount of 20%, a volume discount of 12.5% and a special promotional discount of 8%. How much
A college club hosted a "Welcome back" barbecue for its student members. The college food service department presented the club with an invoice dated September 15 for $875.75 with terms 2/7, 1/15,
Home Workshop Supply obtains table saws for $720 less 33 1/3% and 15%. A saw regularly priced at $750 was sold for $450. The shop's overhead is 22% of cost.a. What was the markdown rate on the saw?b.
How much will a wholesaler pay for an item that lists for $99 if she is eligible for a trade discount of 30% and a special promotional discount of 18.75%. What is the total amount of the discount in
What is the cost of an item that sells for $87.49 ifa. The rate of markup on cost is 30%?b. The rate of markup on selling price is 30%?
Harris Manufacturing waited until the last day of the discount period—June 12—to settle an invoice from its supplier, Edwards Electrical Products. The terms were 3/15, n/30. The June 12 payment
Sports Outfitters purchased hockey jerseys for $72 less 40% and 15%. The normal rate of markup on selling price is 40%, and overhead is 25% of the regular selling price. The jerseys were reduced to
The net proceeds to the vendor of a house after payment of a 4.5% real estate commission were $275,995. At what price did the house sell?
A GMC Sierra Crew Cab has a manufacturer's suggested retail price (MSRP) of $38,495. In a year-end promotion, dealers are offering an $11,000 rebate, and an additional $1000 "loyalty" rebate to
The Canadian Code of Advertising Standards prohibits retailers from making false claims about the "savings" a customer is receiving when purchasing a marked-down product. The advertised "regular
Maritime Cellular purchases an Android phone for $595 less trade discounts of 20% and 1096. Maritime's overhead expenses are $59 per unit.a. What should be the selling price to generate a profit of
Benedict's Restaurant Supply paid $390.45 to buy an industrial mixer from a wholesaler. Benedict's was eligible for a discount of $179.55. What rate of discount was applied to the purchase?
An invoice shows a net price of $199.16 after trade discounts of 22%, 7%, and 5% are deducted.a. What was the list price of the goods?b. What single trade discount would be equivalent to the discount
A two-person tent costs a retailer $249. The rate of markup is 25% of the selling price.a. What is the selling price?b. What is the rate of markup based on cost?c. If the tent is damaged while in the
After a discount of $258.75, a distributor paid $891.25 to purchase an item from a manufacturer. What rate of discount was applied to the purchase?
An invoice dated January 17 for $10,388.84 carries terms 2/5, 1/10, n/30. A payment of $2000 was made on January 21. A second payment was made on January 26, which brought the balance having on the
Retail diamonds carry high rates of markup, especially when sold in jewellery stores located in malls, where overhead expenses are particularly high. Denali Diamonds's rate of markup on cost for its
Future World buys a laptop con1puter for $580. The rate of markup is 30% of cost.a. What is the rate of markup on selling price?b. If the laptop is marked down by 30%, what is the reduced selling
Lakeside Marine received an invoice from Osborne Boats dated March 26 with terms 1(1/2)/15, n/45, ROG for four 19-foot Barracuda boats at $53,500 each, less 2096, 5%. The boats arrived on April 27.
Packard Brothers Roofing presented a customer with an invoice dated September 10 for $8452.75. Credit terms were 2/10, n/30. lf the customer paid $5000 on September 20, how 1nuch is still owing on
An invoice for $775.50 has terms 1(1/7)/15, n/60. A payment was made within the discount period to bring the balance owing on the account down to $293.98. How much was the payment?
Sports Extreme advertised a Freestyle XI. Stand Tip Paddleboard for a regular price of $545. Sports Extreme bought the board from its supplier for $375 less a trade discount of 35%. The Sports
Mountain Outfitters marked down a pair of snowshoes to $187 in a "60% off" spring sale. Mountain Outfitters originally bought the snowshoes from its supplier for $240 less a trade discount of 30% and
Sommerhill Sports buys a child's baseball glove for $24.99 and sells it for $49.98.a. What is the rate of markup on cost?b. What is the rate of markup on selling price?c. If the glove is reduced to
For problem, determine:a. The amount of markup.b. The amount of operating (overhead) expenses.c. The operating profit or loss.d. The rate of markup on cost.e. The rate of markup on selling price.
Calculate the missing values in problem. Assume in each case that the payment is made within the discount period. Invoice Amount credited amount ($) Credit terms Payment ($) ($) Balance owed ($)
A retailer is eligible for a trade discount of 35%, a volume discount of 10%, and a special promotional discount of 2%. What is the list price of an item for which the retailer paid $112.94?
An invoice dated March 28 for $3765.25 has terms 1(1/3)/15, n/45. A payment was made on April 11 which brought the balance owing on the account down to $2042.28. How much was the payment?
Calculate the missing values in problem. Reduced Cost, C ($) Markup, Regular price, M Rate of markdown Sale price, Sceduce) ($) profit, Overhead, E S ($) (reduced) ($) 115.70 20% of S 35% of S ? ?
For problem, determine:a. The amount of markup.b. The amount of operating (overhead) expenses.c. The operating profit or loss.d. The rate of markup on cost.e. The rate of markup on selling price.
Calculate the missing values in problem. Assume in each case that the payment is made within the discount period. Invoice Amount credited amount ($) Credit terms Payment ($) ($) Balance owed ($)
A 37.5% trade discount on a Nikon digital camera represents a discount of $223.14 from the suggested retail price. What is the net price to the buyer?
An item that regularly sells for $85 is marked down in a 45% off sale.a. What is the reduced selling price?b. What is the amount of the markdown?
An invoice dated November 18 for $5445 has terms 3/10, n/90. If a $3000 cash payment is made on November 27, how much will be credited to the account? What is the balance owing on the account?
Calculate the missing values in problem. Reduced Cost, C ($) Markup, Regular price, M Rate of markdown Sale price, Sceduced) ($) profit, ($) Overhead, E S ($) Ireduced) 98.00 18% of S ?% of S 147.00
For problem, determine:a. The amount of markup.b. The amount of operating (overhead) expenses.c. The operating profit or loss.d. The rate of markup on cost.e. The rate of markup on selling price.
Calculate the missing values in problem. Assume in each case that the payment is made within the discount period. Invoice Amount credited amount ($) Credit terms Payment ($) ($) Balance owed ($)
Mark's Wholesale Supply Co. is eligible for a 27.25% discount from its supplier. Mark's Wholesale paid $413.05 for an item. What is the list price of that item? What is the amount of the discount?
An invoice for $2345 has terms 2/10, n/30. As a result of a partial payment that was made within the discount period, the account was credited with $1365. How much was the partial payment? What is
Calculate the missing values in problem. Reduced Cost, C (s) Markup, Regular price, S(s) Rate of markdown Sale price, Sveduced) ($) profit, Overhead, E P (S) Ireduced) 7.92 70% of C 2% of C 19.80 20%
A bakery sells day-old loaves of bread for $1.25. This represents a markdown of 65% from the regular price. What is the regular selling price of the loaves?
For problem, determine:a. The amount of markup.b. The amount of operating (overhead) expenses.c. The operating profit or loss.d. The rate of markup on cost.e. The rate of markup on selling price.
Calculate the missing values in problem. Assume in each case that the payment is made within the discount period. Invoice amount ($) Payment ($) Amount credited ($) Credit terms Balance owed ($)
After a discount of 12.5%, a home improvement retailer paid $2849 to bug a riding lawn mower from a supplier. What is the lawn mower's list price? What is the discount amount?
Central College received an invoice on April 18 from Lakeside Glass for the installation of a glass partition wall. The invoice for $18,976.45 was dated April 16 with terms 2/15, 1/30, n/45.a. What
Calculate the missing values in problem. Reduced Cost, C (S) Markup, Regular price, M Rate of markdown Sale price, profit, Overhead, E S (s) P. Ireduced) (S) (reduced) 37.25 20% of C 60% of C ? 41.72
The markup on movie cinema popcorn is estimated to be an astonishing 1275% based on cost. If a large bag of popcorn sells for $7.50, what is the cost of the popcorn to the cinema?
Best Buy Entertainment can obtain Panasonic digital media players for $134 less a trade discount of 3596. A comparable Samsung model is available for $127 less a discount of 30%. Which media player
An invoice dated August 23 for $8382 carries terms 2/10, nt.30, EOM. How much would the customer need to pay on September 3 in order to fully settle this invoice?
River Run Restaurant received an electronic invoice from Canadian Food Supply Inc. dated February 27 of a leap year. The amount of the invoice is $2896.77 with terms 21/10, 1/30, n/60.a. What is the
Next Designs sets its regular prices based on overhead expenses at 50% of cost and an operating profit of 40% of cost. What will be the operating profit (as a percent of cost) for clothing sold at a
A fashion retailer wants to break even on a clearance sale of end of season stock. What price should be set for a bathing suit that cost $38.50 if operating expenses are estimated to be 35% of cost?
The distributor of Nikita power tools is offering a trade discount of 38% to hardware stores. What will be the stores' cost to purchase a rotary saw listed at $135?
The Shoe Shop's normal rate of markup on selling price is 45%. What rate of markdown can the store offer on a pair of shoes normally priced at $140, and still realize a 20% rate of markup on cost at
Office Supply Depot plans to stop carrying the Casio FC-200 calculator. It normally marks up the calculator from the $31.50 wholesale cost to the regular selling price of $51.98.a. What is the normal
If an item that lists for $49.95 is sold to a member of the distribution chain for $34.97, what is the amount of the discount? What discount rate is being applied?
How much would be required on April 13 to settle a $5445 invoice dated March 23 with credit terms 3/10, 1(1/2)/20, n/60?
A built-in Kitchenaid refrigerator costs Morrison's Appliance Centre $5000 Jess 30% and 15%. The normal rate of markup on cost is 90%. The refrigerator is marked down 30% in a sale. What is the sale
An item that costs a retailer $58.50 is normally sold for $95. During a storewide sale, the item was marked down by 30%.a. What is the normal rate of markup based on cost?b. What was the reduced sale
A sporting goods store buys a hockey stick for $47.85 and sells it for $87. Operating expenses are estimated to be 20% of cost. What is the store's operating profit per unit? What is the rate of
An invoice dated November 19 for $995 has credit terms 11/15, n/60, ROG. The buyer received the goods on December 2. How much must the buyer pay on December 16 to fully settle the account?
An automotive parts distributor paid $106.65 for a part that lists for $127.98. What is the amount of the discount? What discount rate was applied to the purchase?
How much would be required on July 7 to settle an invoice of $815.49 dated June 27 with credit terms 2/10, 1/20, n/60?
A college bookstore buys a textbook for $85. Operating expenses are estimated to be 15% of cost. If the book is sold for $125, what will be the bookstore's operating profit per unit?
An invoice for $1450.61 dated May 23 has credit terms 2/10, ROG. The customer received the goods on May 28. How much must be paid on June 8 to fully settle the account?
An invoice dated August 4 for $775.50 has terms 2/10, EOM. The customer received the shipment on July 30. How much would the customer need to pay on September 5 to fully settle the account?
A retailer is eligible for a 16% discount. How much will the retailer pay for an item that lists for $995? What is the amount of the discount?
A $2365 invoice dated October 25 has credit terms 1(1/2)/15, n/45. How much must be paid on November 10 to settle the invoice?
Jets Away Airline offers a return flight from Edmonton to Tampa for $745. What rate of markdown would need to be offered in order to match a competitor's price of $675 for the same flight?
A home improvement centre buys a shop vacuun1 for $38. Operating expenses are estimated to be 35% of cost, and desired operating profit is 45% of cost.a. What price should be charged for the
An invoice dated December 24 for $3765.25 has terms 1 (1/2)/15, n/30, EOM. The customer received the goods on January 2. How much is required on January 17 to fully settle the account?
An electronics distributor is eligible for a 33̅.g% trade discount. What net price will the distributor pay for a tablet device that lists for $249? What is the amount of the discount?In the
Computer World purchased a Toshiba netbook for $480 less 40% and 25%. The netbook was then marked up by 120% of cost. Overhead expenses are 55% of cost. In a sale, Computer World offered the netbook
Banff Sporting Goods advertises a 40% markdown on a snowboard regularly priced at $475.a. What is the reduced selling price?b. A competitor's regular selling price for the same snowboard is $450.
A car dealer buys a vehicle for $28,000. The dealer estimates that operating expenses per unit are 25% of cost. The dealer's desired operating profit is 15% of cost.a. What should the markup and
Solve the following proportions for the unknown quantities. Maintain three-figure accuracy.0.043: y = 550: 198
Mr. Subhani's will specified that, upon liquidation of any asset, the proceeds be divided among his wife, his son, and his sister in the ratio of 7:5:3.a. If the son received $9500 from the sale of

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