All categories

1 year ago

Perry Mazza wants to borrow $40,000 from the bank. The interest rate is 7% and the term is for 5 years.

1 answer:

8 0

The yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.

<h3>How to calculate the annual payments?</h3>

The annual payments can be computed using an online finance calculator as below.

The results show that a total interest of $8,778.15 will be paid by Perry Mazza.

<h3>Data and Calculations:</h3>

N (# of periods) = 5 years

I/Y (Interest per year) = 7%

PV (Present Value) = $40,000

FV (Future Value) = $0

<u>Results:</u>

PMT = $9,755.63

Sum of all periodic payments = $48,778.15 ($9,755.63 x 5)

Total Interest $8,778.15

Thus, the yearly payment amount for a loan of $40,000 at 7% interest and for 5 years that Perry Mazza borrowed is $9,755.63.

Learn more about computing annual payments at brainly.com/question/24576997

You might be interested in

What is the most important thing about meeting new contacts

Dahasolnce [82]

I think A. Because I think it is very important to meet new people and getting to know them.

8 0

3 years ago

Read 2 more answers

Bolster Soda had an accounts receivable turnover ratio of 9.9 this year and 11.0 last year. Castor Soda had a turnover ratio of

Bess [88]

Answer:

This implies Bolster Soda collects receivables more effectively and quickly than Castor Soda in the two years.

Explanation:

The accounts receivable turnover ratio refers to an accounting ratio that is used to show the how effective a firm is in collecting the receivables or money its clients are owing it.

This implies that accounts receivable turnover ratio is used to determine the extent to which a firm ie effectively managing the credit it gives to customers and how quickly the firm collects that that short-term debt.

The formula for calculating the accounts receivable turnover ratio is as follows:

Accounts receivable turnover ratio = Net credit sales / Average accounts receivable

When the accounts receivable turnover ratio is high, it implies that the company is efficient is collecting debt and a high percentage of its cutomers are paying up their debts.

The account receivable turnover ratios in the question therefore imply Bolster Soda collects receivables more effectively and quickly than Castor Soda in the two years.

3 0

3 years ago

Was ist eine swot Analyse zusammengefasst

krek1111 [17]

Answer:

Define a Constitution of the most beautiful and the most beautiful North Cebu tourist spots I choose is Socrates

8 0

2 years ago

Antivirus Inc. expects its sales next year to be $2,500,000. Inventory and accounts receivable will increase $480,000 to accommo

DiKsa [7]

Answer:

$236,250

Explanation:

The computation of external financing is shown below:-

For computing the external financing first we need to find out the retained earning which is shown below:-

Net income = Sales × Profit margin

= $2,500,000 × 15%

= $375,000

Increase in retained earning = Net income - Dividends

= $375,000 - ($375,000 × 35%)

= $375,000 - $131,250

= $243,750

External financing = Increase in assets - Increase in retained earning

= $480,000 - $243,750

= $236,250

8 0

3 years ago

Organizing is the second basic managerial function; it follows planning and decision making. involves shaping the organization o

Norma-Jean [14]

Answer:

e. All of these choices

Explanation:

As we know that

The functions of management comprises of five functions i.e planning, organizing, staffing, directing and controlling

The planning is the way to plan the things so that the company could attain its goals and objectives within the prescribed time

The organizing is the second managerial function which helps to organizing the things of the company. It involves the way of doing the task and utilizing the resources efficiently and effectively so that the task could be completed at low cost and time

In addition, there should be a flexibility in a organization so that if an opportunity can comes then it would grab easily, it also consist of planning & decision making

8 0

2 years ago