Depending on your state, it can go towards county taxes (e.g. Fire Protection, School Maint. Op.) Or it can go to state for transportation and other funds.
Answer:
185.531532 months
15.5 years
Explanation:
We use the NPER formula in this question that is shown in the spreadsheet.
The NPER represents the time period.
Given that,
Present value = $50,000
Future value = $0
Rate of interest = 9% ÷ 12 months = 0.75%
PMT = $500
The formula is given below:
= NPER(Rate;PMT;-PV;FV;type)
The present value come in negative
So, after solving this, the answer in months would be 185.531532 month
And, in year it would be 15.5 years after dividing by 12 months, the number of year comes
Answer:
The question is missing the below options:
$1,333.33
$1,401.49
$1,108.91
$1,282.16
$1,487.06
Monthly payment is $1,401.49 as shown below
Explanation:
In calculating the amount of each monthly payment, PMT formula in excel comes very handy.The formula is stated below:
PMT(rate,nper,pv,-fv)
The rate is the percentage of interest payable on the loan considering that repayment is made monthly, hence the rate in this case 9.2% divided by number of repayments in a year,12
rate=9.2%/12=0.007666667
nper is the number of times repayment would be made, which is calculated as five years multiplied by the number of repayments in a year i.e 5*12=60
pv is the actual amount borrowed , 80%*$84000=$67200
The fv future value is nil
PMT(0.007666667
,60,67200,0)
PMT=$1,401.49
Find attached as well.
Answer:
C. straight back chairs will be overcosted
Explanation:
Miller Company makes two types of chairs. One of the chairs is a rocking chair. The other is a straight-back chair. Both chairs are made by hand. Miller Company uses a company-wide overhead rate that is based on direct labor hours to assign overhead costs to the two products. If Miller automates the production of straight-back chairs and continues to use direct labor hours as a company-wide allocation basis:
A. rocking chairs will be undercosted
B. There should be no impact on unit cost
C. straight back chairs will be overcosted
D. rocking chairs will be overcosted.
EXPLANATION
If Miller automates the production of straight-back chairs and continues to use direct labor hours as a company-wide allocation basis then the straight back chairs will be overcosted<u> because the automation process directly implies that it no longer drives labor hours since it is no longer made by hand.</u>
Automated processes should use machine hours rather than labor hours, for the allocation of its overhead.