1. True or false questions (10 questions) Answer T for true or F for false. 2 marks for each correct answer. 1. 9. A fridge was sold during a clearance sale for $657.00. If the fridge was sold at a discount of 24%, the list price was $864.47. A hitch and trailer listed at $2149.00 has a net price of $1360.00. The rate of discount is 26.71%. The amount of interest that will be charged on $7000.00 borrowed for five months at 5.5% is $160.42. The date represented by 100 days after March 1, 2012 is June 9, 2012. According to the terms: 2/ 10, nXBO, buyers can get a 2% discount on list price if they pay within 30 days since purchase. Fixed costs do not change if sales increase or decrease. Variable costs grow or decline in direct proportion to the volume of sales. There are three elements in calculating simple interest including principal, interest rate, and time. T is always measured in years when calculating simple interest. 10. Markup includes unit cost and profit