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3 years ago

an 18-month loan with an interest charge of $782.00 is paid off with 5 months remaining. the finance charge refund is

Business

1 answer:

Marina86 [1]3 years ago

3 0

Hello there!

Answer:

$182.00

Explanation:

In order to solve this, we would need to use the mark up equation:

x^m=y

x = total mark up

m = the amount of months

y = interest paid

Your equations should look like this:

x^18 = 782.

Now we solve.

x = 1.447^( 1/18) = 1.0208 (this would be the rate per month)

1.0206^13 = 1.303 (this would be the rate for 13 months, since he has 5 months remaining)

782/1.303 = 600

782 - 600 = 182.00

After solving, you would have $182.00 of financed refunded.

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The following information is for employee William Heedy for the week ended March 15.

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Answer:

1. b. $896.00

2. c. $317.20

3. a. $578.80

4. b. $67.20

5. d. $4.80

Explanation:

1. WIlliam's total earnings

40 hours at $16 = $640

8 hours at $32 = $256

Total = $896

2. WIlliam's total deductions

Income Tax $200

United Fund deduction $50

Social security tax (6% * $896) $3.76

Medicare tax (1.5% * $896) <u>$13.44</u>

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5. Employers Federal Unemployment based on Williams pay

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Answer: Please refer to Explanation

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3 years ago

an 18-month loan with an interest charge of $782.00 is paid off with 5 months remaining. the finance charge refund is​

an 18-month loan with an interest charge of $782.00 is paid off with 5 months remaining. the finance charge refund is