Mathematics for Business and Finance
Proctored Final Examination
Exam Number: 355840
PART A: Answer each of the following questions. Be sure to show all of your work and calculations. Each
answer is worth 20 points.
1. Bjou Cafe's real estate tax of $1,110.85 was due on November 1, 2016. Due to financial problems,
the owner was unable to pay the café's real estate tax bill until January 15, 2017. The penalty for late
payment is 84% ordinary interest. Answer the following questions:
(a) How much is the penalty that must be paid?
(b) What did the café pay on January 15?
Round all answers to the nearest cent.
2. Wall-to-Wall Records' April : inventory had a cost of $48,000 and a retail value of $70,000 During
April, net purchases cost $210,000 with a retail value of $390,000. Net sales at retail for Wall-to-Wall
Records for April were $280,000. Calculate the cost of ending inventory using the retail inventory
method. (Round to the nearest hundredth percent)