Name ______
Exam #2, Math 101, Winter 2008
1. Scott Distributors receives a $4,320.85 invoice dated May 11. Credit terms are 2/15, n/30, with a penalty of 6% charged for late payment. Scott makes a partial payment of $2,500 on May 24 and pays the balance on June 12th. Calculate the balance due after the May 24 payment.
2. Wilson’s Produce pays $0.12 per pound for corn on the cob. If Wilson’s buys 600 pounds of corn on the cob, marks it up 195 percent on cost, and anticipates a spoilage factor of 20%, what will the selling price per pound be?
3. a) You pay $60.00 for merchandize and sell it at a markup of 32% based on cost. What is the selling price?
b) If patio furniture costs $380.00 and sells for $475.00, what is the percent of markup based on selling price?
c) KC Mills manufactures carpet at a cost of $20.00 per square yard. The carpet is sold at $27.60 per square yard. KC marks up based on cost. Find the markup and the markup percentage.
4. a) A set of four tires originally sold for $340.00. They were subsequently marked down to sell for $238.00. What was the percent of markdown?
b) Pete’s Grocery bought roses to sell in his store at $1 per rose. He marked them up 300% based on cost. After a week, he marked the remaining roses down 50% and then three days later, marked them down another 30%. What was the finally selling price of the roses?
5. a) Smith Corporation pays its employees based on a 40-hour week. The company pays time-and-a-half for hours over 40. Workers scheduled for Sunday receive doubletime. Gretchen worked the following hours:
M / T / W / Th / F / Sa / Su8.5 / 7 / 7.5 / 9.5 / 6 / 5.5 / 4
How much was Gretchen’s gross pay if her base rate is $7.50/hr?
b) C & M Industries pays its employees on a differential piece rate as follows:
Boxes Packed Per Week / Piece Rate Per Box1-100 / $1.90
101-180 / $2.40
181 and over / $3.05
If Sue packed 200 boxes, what were her gross wages?
c) Karen is paid $800 per week plus 10% commission on sales. If her sales last week were $4,622.00, what was her gross income?
6. Gifford is paid a semimonthly salary of $1,722.80. He is married and claims 6 exemptions. Based on the percentage method, what is his taxable income?
7. a) What is the simple interest on an 8.5%, $8,650.00 loan for 4 years?
b) Gordon borrows for $17,500 for 120 days on March 17. What day is the loan due to be paid using exact time?
c) What is the interest owed in part b if ordinary interest/exact time and the rate used is 8%?
8. a) Douglas Industries purchases supplies costing $3,500.00 with credit terms of 2/10, n/45. Douglas does not have the fund to pay within 10 days and explores the possibility of borrowing the necessary amount to take advantage of the discount. The local bank is willing to lend Douglas the money at 9% for 45 days at ordinary interest. What would the interest on the loan be?
b) K.C. Wholesalers receives an $11,000.00, 9.375% exact time, ordinary interest note dated June 12. The note is due October 28th. On August 21, K.C. discounts the note at the Safety National Bank at a discount rate of 12%. What proceeds should K.C. Wholesalers receive?
9. a) A set of patio furniture sells for $935.00 on the installment plan which includes the finance charge. The payment plan calls for 15% down and the balance in 12 equal payments. What is the down payment? And what is the amount of each payment?
b) Joan purchased a new car for $28,999.00. She put $6,299.00 down and paid $428.00 for 60 months. What was Joan’s total finance charge?
10. What is the refund fraction on a 24 month loan that is paid off with 4 months remaining?
Bonus. Given the following:
30 day billing cycle5/18 Billing Date / Previous Balance / $755.00
5/25 / Payment / 400.00
5/29 / Charge / 200.00
6/8 / Payment / 100.00
What is the average daily balance?
Table for Figuring Withholding According to the Percent Method
Payroll Period / One Withholding AllowanceWeekly ...... / $ 59.62
Biweekly ...... / 119.23
Semimonthly...... / 129.17
Monthly...... / 258.33
Quarterly ...... / 775.00
Semiannually...... / 1,550.00
Annually ...... / 3,100.00
Daily or miscellaneous (each day of the payroll period) ...... / 11.92
SEMIMONTHLY Payroll Period
(a) SINGLE person (including head of household) —
If the amount of wages
(after subtracting The amount of income tax
withholding allowances) is: to withhold is:
Not over $110 .... $0
Over — But not over — of excess over —
$110 —$404 . . 10% —$110
$404 —$1,283 . . $29.40 plus 15% —$404
$1,283 —$2,854 . . $161.25 plus 25% —$1,283
$2,854 —$6,196 . . $554.00 plus 28% —$2,854
$6,196 —$13,383 . . $1 ,489.76 plus 33% —$6,196
$13,383 ...... $3,861 .47 plus 35% —$13,383 / (b) MARRIED person
If the amount of wages
(after subtracting The amount of income tax
withholding allowances) is: to withhold is:
Not over $333 .... $0
Over — But not over — of excess over —
$333 —$929 . . 10% —$333
$929 —$2,698 . . $59.60 plus 15% —$929
$2,698 —$4,919 . . $324.95 plus 25% —$2,698
$4,919 —$7,731 . . $880.20 plus 28% —$4,919
$7,731 —$13,588 . . $1,667.56 plus 33% —$7,731
$13,588 ...... $3,600.37 plus 35% —$13,588
Numbers for Dates of the Year
Month / Jan. / Feb. / Mar. / Apr. / May / June / July / Aug. / Sept. / Oct. / Nov. / Dec.
1 / 1 / 32 / 60 / 91 / 121 / 152 / 182 / 213 / 244 / 274 / 305 / 335
2 / 2 / 33 / 61 / 92 / 122 / 153 / 183 / 214 / 245 / 275 / 306 / 336
3 / 3 / 34 / 62 / 93 / 123 / 154 / 184 / 215 / 246 / 276 / 307 / 337
4 / 4 / 35 / 63 / 94 / 124 / 155 / 185 / 216 / 247 / 277 / 308 / 338
5 / 5 / 36 / 64 / 95 / 125 / 156 / 186 / 217 / 248 / 278 / 309 / 339
6 / 6 / 37 / 65 / 96 / 126 / 157 / 187 / 218 / 249 / 279 / 310 / 340
7 / 7 / 38 / 66 / 97 / 127 / 158 / 188 / 219 / 250 / 280 / 311 / 341
8 / 8 / 39 / 67 / 98 / 128 / 159 / 189 / 220 / 251 / 281 / 312 / 342
9 / 9 / 40 / 68 / 99 / 129 / 160 / 190 / 221 / 252 / 282 / 313 / 343
10 / 10 / 41 / 69 / 100 / 130 / 161 / 191 / 222 / 253 / 283 / 314 / 344
11 / 11 / 42 / 70 / 101 / 131 / 162 / 192 / 223 / 254 / 284 / 315 / 345
12 / 12 / 43 / 71 / 102 / 132 / 163 / 193 / 224 / 255 / 285 / 316 / 346
13 / 13 / 44 / 72 / 103 / 133 / 164 / 194 / 225 / 256 / 286 / 317 / 347
14 / 14 / 45 / 73 / 104 / 134 / 165 / 195 / 226 / 257 / 287 / 318 / 348
15 / 15 / 46 / 74 / 105 / 135 / 166 / 196 / 227 / 258 / 288 / 319 / 349
16 / 16 / 47 / 75 / 106 / 136 / 167 / 197 / 228 / 259 / 289 / 320 / 350
17 / 17 / 48 / 76 / 107 / 137 / 168 / 198 / 229 / 260 / 290 / 321 / 351
18 / 18 / 49 / 77 / 108 / 138 / 169 / 199 / 230 / 261 / 291 / 322 / 352
19 / 19 / 50 / 78 / 109 / 139 / 170 / 200 / 231 / 262 / 292 / 323 / 353
20 / 20 / 51 / 79 / 110 / 140 / 171 / 201 / 232 / 263 / 293 / 324 / 354
21 / 21 / 52 / 80 / 111 / 141 / 172 / 202 / 233 / 264 / 294 / 325 / 355
22 / 22 / 53 / 81 / 112 / 142 / 173 / 203 / 234 / 265 / 295 / 326 / 356
23 / 23 / 54 / 82 / 113 / 143 / 174 / 204 / 235 / 266 / 296 / 327 / 357
24 / 24 / 55 / 83 / 114 / 144 / 175 / 205 / 236 / 267 / 297 / 328 / 358
25 / 25 / 56 / 84 / 115 / 145 / 176 / 206 / 237 / 268 / 298 / 329 / 359
26 / 26 / 57 / 85 / 116 / 146 / 177 / 207 / 238 / 269 / 299 / 330 / 360
27 / 27 / 58 / 86 / 117 / 147 / 178 / 208 / 239 / 270 / 300 / 331 / 361
28 / 28 / 59 / 87 / 118 / 148 / 179 / 209 / 240 / 271 / 301 / 332 / 362
29 / 29 / # / 88 / 119 / 149 / 180 / 210 / 241 / 272 / 302 / 333 / 363
30 / 30 / 89 / 120 / 150 / 181 / 211 / 242 / 273 / 303 / 334 / 364
31 / 31 / 90 / 151 / 212 / 243 / 304 / 365
Months / Sum of Digits / Months / Sum of Digits / Months / Sum of Digits
1 / 1 / 21 / 231 / 41 / 861
2 / 3 / 22 / 253 / 42 / 903
3 / 6 / 23 / 276 / 43 / 946
4 / 10 / 24 / 300 / 44 / 990
5 / 15 / 25 / 325 / 45 / 1,035
6 / 21 / 26 / 351 / 46 / 1,081
7 / 28 / 27 / 378 / 47 / 1,128
8 / 36 / 28 / 406 / 48 / 1,176
9 / 45 / 29 / 435 / 49 / 1,225
10 / 55 / 30 / 465 / 50 / 1,275
11 / 66 / 31 / 496 / 51 / 1,326
12 / 78 / 32 / 528 / 52 / 1,378
13 / 91 / 33 / 561 / 53 / 1,431
14 / 105 / 34 / 595 / 54 / 1,485
15 / 120 / 35 / 630 / 55 / 1,540
16 / 136 / 36 / 666 / 56 / 1,596
17 / 153 / 37 / 703 / 57 / 1,653
18 / 171 / 38 / 741 / 58 / 1,711
19 / 190 / 39 / 780 / 59 / 1,770
20 / 210 / 40 / 820 / 60 / 1,830
Rule of 78