3. A business just took out a loan for $ 100,000 at 10 % interest. If the business pays the loan off in three months, how much did the business pay in interest? 4. What is the annual percentage yield( APY) for a deposit paying 5 percent interest with monthly compounding? 4. The Income Statement This lesson will help you refresh your knowledge on the basics of the income statement. Brushing up on these concepts now will help you tackle your finance coursework later. General Ledger for ABC Company. The following is the general ledger for ABC Company as of December 31, 20X1. Use this information to answer questions( 1) through( 4). 1. What is the amount of gross profit to be reported on ABC Company’ s 12 / 31 / X1 income statement? 2. What is the amount of operating income( EBIT) to be reported on ABC Company’ s 12 / 31 / X1 income statement? 3. What is the amount of earnings before taxes( EBT) to be reported on ABC Company’ s 12 / 31 / X1 income statement? 4. What is the amount of net income to be reported on ABC Company’ s 12 / 31 / X1 income statement? 5. Fractions and Decimals This lesson will help you review fractions and decimals: calculating, converting, and recognizing how to use them in a financial setting. 1. 54 / 32 converted to a mixed number is ________. 2. The product of one and four thirty-seconds and twenty thirty-seconds is ________. 3. One and eight thirty-seconds divided by twelve thirty-seconds is ________. 4. A U. S. Treasury bond is trading at 98 and 6 / 32. Convert this price to its decimal form. 5. What is the percentage increase if the S & P 500 Index is currently trading at 1,100 and rises 55 points? 6. Exponential Functions This lesson will help you refresh your skills using exponents. Many financial equations rely on exponents to show compounding and growth. 1. A business acquaintance promises to deliver a $ 20 bill to you one year from today. How much should you be willing to pay today for this promise? 2. What is the present value of $ 1,000 received three years from today if interest rates are currently 6 percent?