Most loans are paid back in __________ installments. a. daily b. weekly c. monthly d. yearly.

Maria has a balance of $4,500 on her credit card with a 22% interest rate. How long will it take her balance to double?

Makovka662 [10]

The time required from simple interest on a principal of $4,500.00 at an interest rate of 22% per year is 4.55 years (about 4 years 7 months).

<h3>Simple Interest</h3>

Given Data

Principal = $4,500

Interest = 22%

Final Amount = $4,500*2 = $9,000

Equation:

t = (1/r)(A/P - 1)

Calculation:

First, converting R percent to r a decimal

r = R/100 = 22%/100 = 0.22 per year,

then, solving our equation

t = (1/0.22)((9000/4500) - 1) = 4.55

t = 4.55 years

Learn more about Simple Interest Here:

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3 0

2 years ago

If the monthly income of the IBM employees follows a SYMMETRICAL NORMAL distribution, with a median of $5000 and a standard devi

AURORKA [14]

Answer: mean monthly income = $5000

====================================================

Explanation

In any normal distribution, the median and mean are the same value.

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The proof is as follows:

If mean > median was the case, then the distribution would be skewed to the right (ie positively skewed). The right tail is pulled longer than the left tail. But this would contradict the symmetrical nature of the normal distribution. So mean > median must not be the case.

If mean < median, then the distribution would be skewed to the left (negatively skewed). Visually this pulls the left tail longer than the right tail. Like in the previous paragraph, this contradicts the symmetrical nature of the normal distribution. So mean < median must not be the case.

Since mean > median cannot be true, and neither can mean < median, this must indicate mean = median.

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So in short, any symmetrical distribution always has mean = median and they are at the very center of the distribution.

4 0

2 years ago

Sam's Pizzeria International Inc. operates and franchises pizza delivery and carryout restaurants worldwide. The following is an

Alisiya [41]

Answer:

The Adjusted trial balance is

Explanation: Amount in $

Dr. Cr.

Accounts Payable 38,882

Intangible Assets 82,031

Accounts Receivable 56,057

Interest Expense 4,089

Accrued Expense Payable 58,333

Interest Revenue 732

Accumulated Deprecation 337,564

Inventories 27,410

Capital 48,012

Land 32,890

Advertising Expense 63,473

Long Term Debt 230,561

Buildings & Leasehold 203,651

Long Term Note Receivable 12,821

Cash 20,142

Other Assets 42,540

Common Stock 483

Other Long Term Liabilities 64,213

Capital & Retained Earning 418,279

Prepaid and Other Current assets 36,838

Depreciation Expense 39,995

Rent and Utilities Expense 215,720

Equipment 320,520

Total <u>1,158,177 </u> <u>1,158,177</u>

<u>Note: </u>In absence of sales revenue, other expenses and paid up capital data which is missing in question, the capital and retained earnings are taken as balancing figure

4 0

3 years ago

Crane Company reports: Cash provided by operating activities $ 310000 Cash used by investing activities 120000 Cash provided by

KengaRu [80]

Answer:

$437,000

Explanation:

We first, find the net cash flow for the current period, and then, add the cash balance for the period immediately before.

Net cash flow for current period:

Cash provided by operating activities $310,000

Cash used by investing activities ($120,000) - we substract this because the cash was "used", that is to say, it was spent.

Cash provided by financing activities $149,000

Net cash flow: $339,000

Ending cash balance = Net cash flow + beginning cash balance

= $339,000 + 98,000

= $437,000

8 0

3 years ago

Repair calls are handled by one repairman at a photocopy shop. Repair time, including travel time, is exponentially distributed,

wolverine [178]

Answer:

the average number of customers awaiting repairs = 0.30

the system utilization = 42

the amount of time that the repairman is not out on a call is = 4.64 hours

the probability of two or more customers in the system = 0.1764

Explanation:

Given that :

Repair time, including travel time = mean of 1.6 hours per call.

Requests for copier repairs = mean rate of 2.1 per eight-hour day

i.e mean rate R = 2.1/day

Time = 8 hours

thus; mean rate μ = 8 hours/ 1.6 hours = 5

(a)

Let the average number of customers awaiting repairs be $I_i$ :

$I_i = \dfrac{R^2}{\mu (\mu-R)}$

$I_i = \dfrac{2.1^2}{5 (5-2.1)}$

$I_i = \dfrac{4.41}{5 (2.9)}$

$I_i = \dfrac{4.41}{14.5}$

$\mathbf{I_i = 0.30}$

the average number of customers awaiting repairs = 0.30

(b) Determine system utilization.

The system utilization is determined as follows:

$\delta = \dfrac{R}{\mu}$

$\delta = \dfrac{2.1}{5}$

${\delta = 0.42}$

$\mathbf{\delta = 42}$

(c) The amount of time during an eight-hour day that the repairman is not out on a call is calculated as :

Percentage of Idle time = 1 - $\delta$

Percentage of Idle time = 1 - 0.42

Percentage of Idle time = 0.58

However during an 8 hour day; The amount of time that the repairman is not out on a call is = 0.58 × 8 = 4.64 hours

(d)

the probability of two or more customers in the system by assuming Poisson Distribution is:

P(N ≥ 2) = 1 - (P₀+ P₁)

where;

P₀ = 0.58

P₁ = 0.58 × 0.42 = 0.2436

P(N ≥ 2) = 1 - ( 0.58 + 0.2436)

P(N ≥ 2) = 1 - 0.8236

P(N ≥ 2) = 0.1764

Thus; the probability of two or more customers in the system is 0.1764

7 0

3 years ago