Multiple Choice
Identify the
choice that best completes the statement or answers the question.
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1
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Hector went shopping for a computer. At RST Store, a computer originally priced
at $955 had a price reduction of 40%. What was the reduced price?
A | $915.00 | C | $1,337.00 | B | $573.00 | D | $382.00 |
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2
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Mrs. Fuentes prices items for her store. To do this, she takes the cost of each
item received, and adds a profit margin and sales tax. Mrs. Fuentes received a shipment of chairs
that cost her $420 each. The profit margin and sales tax together are 65%. What is the price of each
chair?
A | $147.00 | C | $485.00 | B | $273.00 | D | $693.00 |
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3
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Ms. Kuo buys and sells stocks for investors. Ms. Kuo’s salary is based on
commissions from her stock sales. She receives 4% commission on each class-A security she sells and
3% on each class-B security she sells. If Ms. Kuo sells $90,100 worth of class-A securities and
$56,350 worth of class-B securities in 3 months, what will her total salary be for these 3
months?
A | $3,604.00 | C | $1,690.50 | B | $5,294.50 | D | $10,251.50 |
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4
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Joe works in a music store and earns 18.5% commission on each sale. If Joe sells
an organ and earns $82.00, what is the price of the organ? Round your answer to the nearest
cent.
A | $4.43 | C | $508.11 | B | $443.24 | D | $15.17 |
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5
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A bank loans a customer $87,000 for a period of 15 years. The simple interest
rate of the loan is 9.2%. What is the total amount that the customer will need to pay the bank over
the 15 years?
A | $1,305,000 | C | $207,060 | B | $12,093,000 | D | $120,060 |
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6
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Oki received a statement on her Certificate of Deposit showing that her
investment had returned $4,836 over its life. If the Certificate of Deposit pays a simple interest
rate of 3.1% and her initial investment was $19,500, how long had the money been invested?
A | 80 months | C | 8 years | B | 10.8 years | D | 130.1 months |
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7
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Carmelo puts $2,200.00 into savings bonds that pay a simple interest rate of
3.4%. How much money will the bonds be worth at the end of 5.5 years?
A | $7,136.80 | C | $2,611.40 | B | $2,552.20 | D | $411.40 |
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8
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Mr. Sun borrowed $15,600 for 54 months at simple interest to pay for a new
swimming pool. If Mr. Sun paid the bank a total of $21,567.00, what was the simple interest rate of
the loan?
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9
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Xiang borrowed $4500 from a bank that charges 3% interest compounded monthly.
Find the amount Xiang must pay back after 19 years.
A | $88,065.00 | C | $7,890.78 | B | $7,951.54 | D | $1,028,565.00 |
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