Please check my answers and let me know if I am correct thanks.
1. (1+ markup percent on cost) x cost equals the
A. Selling price
B. markup
C. cost at retail
D. none of the above
My answer is the A. Selling price
2. Convert a 30% markup percent on cost to markup percent on selling price. Round to the nearest hundredth percent.)
A. 23.08%
B. 13.08%
C. 13.80%
D. 25.08%
My answer is B. 13.08%
3. On May 19, Beth Santis borrowed $3,000 from Resse Bank at a rate of 12 ½ %. The loan is to be repaid on October 8. Assuming the loan is based on exact interest, what’s the total interest cost to Bette?
A. $345.89
B. $175.89
C. $265.89
D. $145.89
My answer is D. $145.89