Questions from Business Mathematics

Q: The bookkeeper for Durham’s Garage is trying to allocate to principal and

The bookkeeper for Durham’s Garage is trying to allocate to principal and interest a payment that was made to settle a loan. The cheque stub has the note “$3701.56 for principal and 7 months’ interest...

Q: The annual $3600 membership fee at the Oak Meadows Golf Club

The annual $3600 membership fee at the Oak Meadows Golf Club is due at the beginning of the year. Instead of a single “lump” payment, a member can pay $1600 at the start of the year and defer the $200...

Q: $12,800 was invested in a 237-day term

$12,800 was invested in a 237-day term deposit earning 3 3 4 % . What was its maturity value?

Q: The snow tires that you are planning to buy next October 1

The snow tires that you are planning to buy next October 1 at the regular price of $107.50 each are advertised at $89.95 in a spring clearance special that will end on the preceding March 25. What ann...

Q: A&B Appliances sells a washer-dryer combination for $

A&B Appliances sells a washer-dryer combination for $1535 cash. C&D Appliances offers the same combination for $1595 with no payments and no interest for six months. Therefore, you can pay $1535 now o...

Q: Express decimal and percent equivalent forms to five-figure accuracy.

Express decimal and percent equivalent forms to five-figure accuracy. -9 16

Q: How many days will it take $2500 to grow to $

How many days will it take $2500 to grow to $2614.47 at an annual rate of 8.75%?

Q: Karin borrowed $2000 at 10 1 4 % on July 13

Karin borrowed $2000 at 10 1 4 % on July 13. On what date would the amount owed first exceed $2100?

Q: On what date did a corporation borrow $350,000 at

On what date did a corporation borrow $350,000 at 7.5% from its bank if the debt was settled by a payment of $356,041 on February 28?

Q: Village Finance Co. advanced three loans to Kamiko—$2200 on

Village Finance Co. advanced three loans to Kamiko—$2200 on June 23, $1800 on August 5, and $1300 on October 31. Simple interest at 7.25% was charged on all three loans, and all were repaid on Decembe...