Reference no: EM132705747

Questions -

Q1. Liz bought leather jackets for her boutique at a cost of $275.00 each. The jackets were marked up so that operating expenses were 15% of the cost and profit was 45% of the selling price. During her annual spring sale, six jackets remained unsold, and Liz reduced the price to $350.00 each.

(a) What is the original selling price of the jacket?

(b) What was the rate of markdown for the remaining jackets?

Q2. Aspire Industries received an invoice for $3,000 on March 10thand then another invoice on March 31st for $3,500. Both invoices have terms 3/10, n/30. Aspire sent in a cheque for a payment of $1,000.00 on March 19th.

(a) What is the outstanding balance on the first invoice after the March 19th payment?

(b) If the final payment is made on April 15th, what is the amount of the cheque that needs to be sent in?

Q3. Sam invested $7,500 in a savings account and after 6 months the balance in the account is $7,612.50. What rate of interest did Sam earn?

Q4. On April 15th Tony put $3,000 in to a savings account that earns interest at a rate of 2.5%.

(a) What is the amount of interest Tony earned by December 31st?

(b) What is the balance of Tony's savings account on December 31st?