1. A discount clothing store buys shirts and slacks with a list price of $12,750
ID: 2896463 • Letter: 1
Question
1. A discount clothing store buys shirts and slacks with a list price of $12,750. If the wholesaler trade discounts of 15/25/15, find the single equivalent discount.2. You sign a simple discount promissory note for $7,000 at a discount rate of 5%, for 30 months. What are the proceeds ?
3. The owner of a hot dog stand receives a loan of $3,749 at 8.25 for 9 months. Find the amount of Simple interest. ( round to the nearest cent)
4. George invests $12,500, at 12% interest, compound semiannually for 12 years. Calculate the compound for his investment.
5. Calculate the compound amount of an investment of $7,000 at 8%, compound, for 9 years. 1. A discount clothing store buys shirts and slacks with a list price of $12,750. If the wholesaler trade discounts of 15/25/15, find the single equivalent discount.
2. You sign a simple discount promissory note for $7,000 at a discount rate of 5%, for 30 months. What are the proceeds ?
3. The owner of a hot dog stand receives a loan of $3,749 at 8.25 for 9 months. Find the amount of Simple interest. ( round to the nearest cent)
4. George invests $12,500, at 12% interest, compound semiannually for 12 years. Calculate the compound for his investment.
5. Calculate the compound amount of an investment of $7,000 at 8%, compound, for 9 years.
2. You sign a simple discount promissory note for $7,000 at a discount rate of 5%, for 30 months. What are the proceeds ?
3. The owner of a hot dog stand receives a loan of $3,749 at 8.25 for 9 months. Find the amount of Simple interest. ( round to the nearest cent)
4. George invests $12,500, at 12% interest, compound semiannually for 12 years. Calculate the compound for his investment.
5. Calculate the compound amount of an investment of $7,000 at 8%, compound, for 9 years.
Explanation / Answer
1)
after 15% discount = 12750- (15% of 12750 )= $10837.5
after discount of 25% = 10837.5 - (25% of 10837.5) = $8128.13
after discount of 15% = 8128.13 - (15% of 8128.13) = $6908.9
Total discount = $12,750 - 6908.9 = $5841.1
pecentage = 5841.1/12750 *100% = 45.81%
3. S.I. = P*R*T/100 = (3749*8.25*9)/100*12
= $231.96
5. Compound Interest:
Amount = Principal ( 1 + r/100)^n
= 7000( 1+ 0.08)^9
= 13993 $
Interest = $ 6993.03
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