Exam 6: Trade Discounts, Cash Discounts, Markup, and Markdown

An invoice for $1121.45 with terms 2/10, n/30 is dated March 7. The contractor received it on March 14. What payment will settle the invoice, if the contractor pays it the next day?

Determine the net price of an article listed at $12 050 less 20%, 16%, %.

A 3D printer listed at $3499.00 has a net price of $2599.00. What is the rate of discount?

A gas generator cost a retailer $400.00 less 20%, 17%, 3%. It carries a regular selling price on its price tag at a markup of 90% of the regular selling price. During the end-of-season sale, the gas generator is marked down 40%. What is the end-of-season sale price?

Uptown Goldsmith sells watches for $840.00 less 12.55%. Its competitors across the street offer the same type of watch for $860.00 less 13.25%, 11.5%. What additional rate of discount must Uptown offer to meet the competitor's price?

A bike shop reduces the price of a bike for quick sale from $455.00 to $395.00. Compute the markdown correct to the

What amount must be paid to settle an invoice of $1200.00 dated November 28, terms 3/10, n/30 if the invoice is paid on December 3?

The following invoices, all with terms 5/10, 2/30, n/60, were paid together on March 15. Invoice No. 457 dated January 30 is for $294.67; invoice No. 542 dated February 15 is for $486.50; and invoice No. 877 dated March 10 is for $911.25. What amount was remitted?

Alia keeps his savings of $5000 in a current account at TD Bank for 3 years in order to avoid paying any banking fee. The rate of return for the current account is 0%. Mandated discount rate in Ontario is 2.5%. What is the worth of Alia's money in 3 years?

At Lowe's, each contractor receives 5% discount for his purchases. A contractor building a deck for a customer pays $7144.89 for the material he bought. What is the list price of the material?

Determine the equivalent single rate of discount for the following series of discounts. Discount of 17.25%, 14.7% and 16.37%.

The Sheepskin Shoppe bought 375 sheepskin coats for $75 000; 115 coats were sold at a markup of 210% of cost and 95 coats at a markup of 145% of cost; 25 of the coats were sold during a clearance sale for $260.00 each and the remaining coats were disposed of at 14% below cost. What was the gross profit based on selling price?

The Paintball Park bought 100 paint ball guns auctioned off en bloc for $7889.00. This means that each gun has the same cost. On inspection, the guns were classified as high quality, medium, and low quality. The 70 high quality guns were sold at a markup of 135% of cost, the 22 guns classified as medium were sold at a markup of 36% of cost, and the guns classified as low quality were sold at 73% of their cost. What was the unit price at which each of the three classifications was sold?

Bargain City bought desks for $175.00 less 29%, 21%, 13%. The store's overhead is 65% of cost and normal profit is 27% of cost. a) What is the regular selling price of the desks? b) At what price can the desks be put on sale so that the store incurs an operating loss of no more than 30% of the overhead? c) What is the maximum rate of markdown at which the desks can be offered for sale in part b)?

Eastside Pawn Shop bought items for $241.00 less 13%, 20%, 11.5%. The store's overhead is 36% of regular selling price and the profit required is 47% of regular selling price. a) What is the break-even price? b) What is the maximum rate of markdown that the store can offer to break even? c) What is the realized rate of markup based on cost if the items are sold at the break-even price?

The Camping Store buys sleeping bags for $54.10 less 12% for buying more than 50 sleeping bags. The store operates on a margin of 51% of the sale price and advertises that all merchandise is sold at a discount of 25% of the regular selling price. What is the regular selling price of the sleeping bags?

A 12 % discount on a pair of washer and dryer that Gayle purchased, amounted to $156.00. Calculate the net price.

A calculator that cost $48.50 was sold for $65.96. Calculate the rate of mark-up based on cost price.

A store advertises a discount of $10.00 on a shirt. If the discount is 30%, for how much was the shirt sold?

A value-oriented store buys video recorders for $230.75 less 42%, 11.5%. Expenses are 65% of normal selling price and the required profit is 13% of normal selling price. All merchandise is marked so that the store can advertise a discount of 55%, while still maintaining its regular margin. During the annual clearance sale, the price of the unsold item is marked down 70%. What operating profit or loss is made by the store on items sold during the sale?