markup on cost_net profit_quantity/produced

How much is the store’s cost? Selling price= 140% of cost so the markup is 40% of cost (cost is 100% of itself)9。1 Markup on CostExample: North American Coins priced a proof coin at $868, which was 112% of cost。 Find (a) the cost, (b) the markup as a percent of cost, and (c) the markup。 Selling price= 112% of cost so the markup is 12% of cost9。2 Markup on Selling PriceSometimes markup is based on the selling price rather than cost。 The same basic formula applies:The difference is that markup is now considered a percent of the selling price rather than cost9。

2 Markup on Selling PriceExample: An auto parts dealer pays $7。14 per 12 gallons of windshield washer fluid and the markup is 50% on selling price。 Find the selling price。 Markup = 50% of the selling price9。2 Markup on Selling PriceExample: A retailer purchases silk flowers for $31。56 per dozen and sells them for $4。78 each。 Find the percent markup on selling price and the equivalent percent markup on cost。9。2 Markup on Selling PriceConverting percent markup on cost to percent markup on selling price:Converting percent markup on selling price to percent markup on cost:9。

2 Markup on Selling PriceExample: Convert a markup of 20% on selling price to its equivalent markup on cost。9。3 Markup with SpoilageMarkup with spoilage: Some items may not be fit for sale or will go bad。 Sometimes they can be sold for a reduced price。 Sometimes they are a total loss。 The selling price has to be higher to make up for this loss。9。3 Markup with SpoilageExample: The cost for 36 items is $540。 If 6 items cannot be sold, what is the selling price per item for a % markup of 25% on selling price?9。

3 Markup with SpoilageThe cost for 120 items is $360。 If 10% are sold at a reduced price of $2, what is the selling price per item for a markup of 20% on cost?10。1 MarkdownWhen merchandise does not sell at the original price the price must be reduced。 The basic formula for markdown is:Example: What is the reduced price if the original price was $960 and the markdown is 25%?10。1 MarkdownExample: Given an original price of $240 and a markdown of $96, what is the percent markdown and the reduced price?10。

1 MarkdownMarkdown equations: Break-even point = Cost + Operating expenses Operating Loss = Break-even point – Reduced selling price Absolute loss = Cost – Reduced selling price10。1 MarkdownGiven a cost of $25, operating expense of $8, and reduced price of $22, what is the break-even point, the operating loss, and the absolute loss?11。1 Basics of Simple InterestSimple Interest Formula: I = interest, P = principal, R = rate of interest per year, T = time in yearsExample: Given an investment of $9500 invested at 12% interest for 1½ years, find the interest。

11。1 Basics of Simple InterestExample: If money invested at 10% interest for 7 months yields $84, find the principal。11。markup on cost1 Basics of Simple InterestExample: If $2600 is invested for 7 months and yields interest of $144。08, what is the interest rate?11。2 Simple Interest for a Given Number of DaysTo find the exact number of days between two dates (2 methods):Get the number corresponding to each date (Julian date) from table 11。1 and subtractAdd the number of days in between the two dates going month by month using the number of days in each month11。

2 Simple Interest for a Given Number of DaysFind the number of days from April 24 to July 7: (1) Using table 11。1, April 24 = day 114 July 7 = day 188, # days = 188 – 114 = 74 (2) # days left in April = 6 # days in May = 31 # days in June = 30 # days in July = 7 Total days = 6 + 31 + 30 + 7 = 7411。2 Simple Interest for a Given Number of DaysExact interest:Ordinary or banker’s interest:Example: Given an investment of $2600 invested at 10。5% interest for 180 days, find the ordinary interest。11。2 Simple Interest for a Given Number of DaysExample: Bella missed an income tax payment。

The payment was due on June 15 and was paid September 7。 The penalty was 14% interest on the unpaid tax of $4600。 Find the penalty using exact interest。markup on cost #days = 15 + 31 + 31 + 7 = 84 days11。3 Maturity ValueMaturity Value = amount loaned + interestMaturity Date = date the loan is paid offExample: A $12,200 loan is borrowed at 9。5% for 10 months。 Find the interest and maturity value。11。3 Maturity ValueFind the Time: If a loan of $7400 is borrowed at 9。5% has interest of $292。92, find the time in days and the maturity value11。

3 Maturity ValueFind the Principal and Rate: If a loan is borrowed with interest of $300 for 120 days with a maturity value of $7800, find the principal and interest rate。11。4 Inflation and the Time Value of MoneyInflation: continuing rise in the general price level of goods and servicesConsumer Price Index (CPI): one way to measure inflation。 The CPI reflects the average change in prices from one year to the next。Time Value of Money: the idea that loaning money has value and that value is repaid by returning interest in addition to principal。

11。4 Inflation and the Time Value of MoneyPresent value: principal amount that must be invested today to produce a given future value。Future value: amount that a present value grows to; also called the maturity amount。11。4 Inflation and the Time Value of MoneyTime Value of Money – with interest of 5% per year。20002010202011。4 Inflation and the Time Value of MoneyExample: If the present value = $8000 at 8。5% for 140 days, what is the future value?11。4 Inflation and the Time Value of MoneyExample: If the future value = $1985。

50 at 9% for 180 days, what is the present value?12。1 Simple Interest NotesPromissory note: Legal note in which a person agrees to pay a certain amount of money at a stated time and interest rate to another personFace value of note: principal (P)Maturity value: M = P + I = P + PRT = P(1 + RT)Term of the note: T – often given in days (convert to years for formulas)12。1 Simple Interest NotesExample: For a promissory note with face value of $9500, term of 200 days, rate of 10%, and date made of March 18, find the due date and the maturity value。

Using table 11。1, March 18 = day 77 77 + 200 = day 277 = October 4 (due date)12。1 Simple Interest NotesExample: For a interest note with maturity value of $7632, term of 240 days, and rate of 9%, find the principal。12。2 Simple Discount NotesSimple discount note: interest is deducted in advance from the face value written on the note。M = face value = maturity value (not the principal)B = bank discount (similar to interest)D = discount rate (similar to rate of interest)T = time in years12。

2 Simple Discount NotesMaturity for interest:Maturity for discount notes: (similar but you subtract the discount from the maturity)12。2 Simple Discount NotesExample: For a discount note with a maturity value of $6800, discount rate of 10%, and time of 180 days, find the discount and the proceeds。12。2 Simple Discount NotesExample: For a discount note with a maturity value of $8200, discount of $205, and date made of 2/9, due date of 5/10, find the discount rate, time in days, and the proceeds。

12。3 Comparing Simple Interest and Simple DiscountSimilarities between interest notes and discount notes:Borrower receives money at the beginning of each note。Both notes are repaid with a single payment at the end of the period。Length of time is generally less than 1 year。12。3 Comparing Simple Interest and Simple DiscountDifferences between interest notes and discount notes:FormulasDiscount notes:Interest notes:A interest rate 12% (relative to present value) is not the same as a discount rate of 12% (relative to maturity value。

12。3 Comparing Simple Interest and Simple DiscountConverting interest rate to discount rateConverting discount rate to interest rate12。3 Comparing Simple Interest and Simple DiscountExample: Given an interest rate of 8% and a time period of 240 days, find the corresponding discount rate:

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