Hit 105 Math Exam
Math for Business and Finance, HIT 105
Examination Number (06044200)
ANSWERS TO EXAMINATION
1)
Bank Balance 2,950.00
Less outstanding ck# 124 (1,080.00)
Less outstanding ck# 138 (720.00)
Add deposit in transit 3,200.00
Adjusted Bank Balance 4,350.00
Book Balance 4,010.00
Less bank fee for checks (12.00)
Less bank fee for NSF (18.00)
Less ATM withdrawal (30.00)
Add Broom note collected 400.00
Adjusted Book Balance 4,350.00
2)
5E+7P = 85
P = 15-E
5E+7(15-E) = 85
5E+105-7E = 85
-2E = -20
E = 10
P = 5
3)
% age change = (1.59-1.10)/1.10 % = 44.55%
4)
List price on Invoice with Chain Discount of 9/7= $5000*.98*.91*.93 =4146.87
Freight charges paid by Lee = $150
Total Payment = $4296.87
5)
Price Pat Sullivan sell to her customers = $85
Amount she paid to the trader = $85 – $ (45/100*85) = $46.75
6)
Gross Salary = $1200.00
Less 6.2+1.45 = 459.00
Less health insurance = 42.50
Federal Income Tax = 600.00 (10% gross salary)
Net Pay = $4899.00
7)
Principal Interest Total
After 15 days, $8000 $26.30137 $8026.30137
Less paid -2000 After 45 days $6026.301 $39.625 6065.926365 -1000 5065.926365 After 60 days add interest $5065.926 16.6551 = $5083 8)
Face value $5000.00
Add interest for 120 days 131.5068
Maturity value 5131.507 Less discount amount 79.71409 Proceeds to Bob $5051.79
9)
Value of 25000 = 44896.41
Value of 40000 53603.83
Total value $98500.23
10)
Deposits made by Roger Fax semi annually = $900
Compounding rate = 6%
Number of deposits made by Roger after that= 0
After 8 years the balance in the account = (900(P/A, 6%, 14)) * (F/P, 6%, 16) = $24676.55
11)
Total money borrowed by Dick Hercher without any interest = $7000
Before the end of 14th Month the installments he has paid = $190 * 14
Examination Number (06044200)
ANSWERS TO EXAMINATION
1)
Bank Balance 2,950.00
Less outstanding ck# 124 (1,080.00)
Less outstanding ck# 138 (720.00)
Add deposit in transit 3,200.00
Adjusted Bank Balance 4,350.00
Book Balance 4,010.00
Less bank fee for checks (12.00)
Less bank fee for NSF (18.00)
Less ATM withdrawal (30.00)
Add Broom note collected 400.00
Adjusted Book Balance 4,350.00
2)
5E+7P = 85
P = 15-E
5E+7(15-E) = 85
5E+105-7E = 85
-2E = -20
E = 10
P = 5
3)
% age change = (1.59-1.10)/1.10 % = 44.55%
4)
List price on Invoice with Chain Discount of 9/7= $5000*.98*.91*.93 =4146.87
Freight charges paid by Lee = $150
Total Payment = $4296.87
5)
Price Pat Sullivan sell to her customers = $85
Amount she paid to the trader = $85 – $ (45/100*85) = $46.75
6)
Gross Salary = $1200.00
Less 6.2+1.45 = 459.00
Less health insurance = 42.50
Federal Income Tax = 600.00 (10% gross salary)
Net Pay = $4899.00
7)
Principal Interest Total
After 15 days, $8000 $26.30137 $8026.30137
Less paid -2000 After 45 days $6026.301 $39.625 6065.926365 -1000 5065.926365 After 60 days add interest $5065.926 16.6551 = $5083 8)
Face value $5000.00
Add interest for 120 days 131.5068
Maturity value 5131.507 Less discount amount 79.71409 Proceeds to Bob $5051.79
9)
Value of 25000 = 44896.41
Value of 40000 53603.83
Total value $98500.23
10)
Deposits made by Roger Fax semi annually = $900
Compounding rate = 6%
Number of deposits made by Roger after that= 0
After 8 years the balance in the account = (900(P/A, 6%, 14)) * (F/P, 6%, 16) = $24676.55
11)
Total money borrowed by Dick Hercher without any interest = $7000
Before the end of 14th Month the installments he has paid = $190 * 14