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swat32
3 years ago
15

Bruce has a credit card that uses the average daily balance method. For the first 9 days of one of his billing cycles, his balan

ce was $2030, and for the last 22 days of the billing cycle, his balance was $1450. If his credit card's APR is 23%, which of these expressions could be used to calculate the amount Bruce was charged in interest for the billing cycle?
Business
1 answer:
Mice21 [21]3 years ago
3 0

Answer:

$31.61

Explanation:

In order to determine the amount of interest charged you must first calculate the average daily balance:

average daily balance = [($2,030 x 9) + ($1,450 x 22)] / 31 = $1,618.39

Now we must calculate the daily interest rate:

daily interest rate = 23% / 365 = 0.063%

Finally we multiply the average daily balance times the daily interest rate times the number of days in the billing period:

interest charged = $1,618.39 x 0.063% x 31 days = $31.61

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During a contractionary phase of the business cycle, which of the following most likely occurs?
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A company's flexible budget for 24,000 units of production showed total contribution margin of $93,600 and fixed costs, $31,200.
Levart [38]

Answer:

a. $81,900.

Explanation:

The contribution margin per unit is obtained by dividing the total contribution margin by the 24,000 units produced.

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4 0
2 years ago
On February 1, 2020, Pat Weaver Inc. (PWI) issued 7%, $1,200,000 bonds for $1,500,000. PWI retired all of these bonds on January
OLEGan [10]

Answer:

$55,200 gain

Explanation:

Calculation to determine How much gain or loss should be recognized on this bond retirement

First step is to determine the Book value on date of sale

Book value on date of sale=$1,200,000+$127,200

Book value on date of sale=$1,327,200

Second step is to calculate the Retired value of bonds

Retired value of bonds =$1,200,000*106

Retired value of bonds=$1,272,000

Now let determine the Gain on bonds retirement

Using this formula

Gain on bond retirement=Book value on date of sale-Retired value of bonds

Let plug in the formula

Gain on bond retirement=$1,327,200-$1,272,000

Gain on bond retirement=$55,200 gain

Therefore the amount of gain that should be recognized on this bond retirement will be $55,200 gain

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2 years ago
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