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anzhelika [568]
1 year ago
14

Jerrod owes $2000 on a credit card that charges him an annual percentage rate of 18%. If jerrod stopped making payments, how lon

g would it be before the balance on his credit card reached $4000?.
Business
1 answer:
sp2606 [1]1 year ago
7 0

It will take Jerrod 4 Years and 2 months to get his balance on his credit card $4000

In this question, it is stated that Jerrod owes $2000 on a credit card that charges him an Annual interest of 18%. If he stops making payments we have to find out how much time will it take for Jerrod to get his credit card balance to $4000.

Taking the annual interest rate of 18%,

first year's due payment will be => 2000 + (18*2000)/100 = $2360

Similarly, second year's due payment => 2360 + (18*2360)/100 = $2784.80

third year, the due payment will be => 2784.80 + (18*2784.80)/100  = $3286

Forth year, due payment => 3286 + (18*3286)/100 = 3877.48

At the beginning of the fifth year approximately 2 months the due payment will reach $4000.

Hence, it will take 4 years and 2 months for the amount to reach $4000.

To know more about Interest Calculation, Click here:

brainly.com/question/6956078

#SPJ4

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Blossom Company's accounting records show the following for the year ending on December 31, 2017.
LuckyWell [14K]

Answer:  $678,220

Explanation:

Given that,

Purchase Discounts = $ 11,000

Freight-in = $15,300

Purchases = $689,020

Beginning Inventory = $55,000

Ending Inventory = $45,600

Purchase Returns and Allowances = $15,100

Cost of goods purchased:

= Purchases + Freight in - Purchase discounts - Purchase returns and allowances

= $689,020  + $15,300  - $ 11,000  -  $15,100

= $678,220

4 0
3 years ago
Please help need this done for class tomorrow!
Ivanshal [37]

Answer:

0.31

Explanation:

Income elasticity of demand measures the responsiveness of quantity demanded to changes in income

Income elasticity of demand = percentage change in quantity demanded / percentage change in income

Percentage change in income = \frac{1000-300}{300} = 2.3

when income was $300, ramen was demanded twice, that is 2/7 times a week. converting to fraction gives 0.29

Percentage change in quantity = \frac{0.5 - 0.29}{0.29} = 0.72

0.72/2.3 = 0.31

7 0
3 years ago
As a professor, I want to show the movie Wall Street for a discussion on ethics. Am I allowed to show the entire movie without t
spayn [35]

Answer:

Yes you are allowed to do so but you must not change anything in the movie

3 0
3 years ago
Read 2 more answers
You Just won a prize that will pay you $800 today and $500 a year for the next three years. Which is the correct formula for com
kow [346]

Answer:

The correct answer is PV = $800 + $500/1.06 + $500/1.062 + $500/1.06^3

Explanation:

Solution

Given that:

A price was wan by you today at =$800

For the next three years =$500 a year

Now

We compute for the present value of today at 6%

Thus

Present value (PV) = $800 + $500/1.06 + $500/1.062 + $500/1.063

Because $800 is receivable today, its present value is equal to $800,

So,

500 receivable after a year will be divided by 1.06

PV = $800 + $500/1.06 + $500/1.062 + $500/1.06^3

Therefore the right formula for computing the present value as of today at 6 percent is PV = $800 + $500/1.06 + $500/1.062 + $500/1.06^3

4 0
3 years ago
A qualitative forecasting method which utilizes structured questionnaires submitted to potential customers soliciting opinions a
kati45 [8]

A qualitative forecasting method that utilizes structured questionnaires submitted to potential customers soliciting opinions about potential products to estimate likely demand is build-up forecasting.

<h3>Build-up forecasting</h3>

It is referred to as zero-based sales forecasting.

Market identification: describe the market for the product/service being investigated by checking all the appropriate industries.

Market diagnosis: analyze the basis for evaluating the number of institutions within that industry that are likely to utilize the product/service.

The objective of a bottoms-up forecast should be to output informative data that leads to decision-making backed by tangible data.

Bottom-up forecast models enable administration teams to develop a better perception of their company, which precedes improved functional decision-making.

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8 0
2 years ago
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