1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Zigmanuir [339]
3 years ago
6

You need some money today and the only friend you have that has any is your miserly friend. He agrees to loan you the money you

need, if you make payments of $30 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 2 percent interest per month. How much money are you borrowing?a. $164.09b. $168.22c. $169.50d. $170.68e. $171.40
Business
1 answer:
Serggg [28]3 years ago
6 0

Answer:

The correct option is (b)

Explanation:

Given:

Monthly payment for 6 months = $30 per month

Time period = 6 month (6 periods)

Monthly interest rate = 2%

In order to compute borrowed amount, present value of these payments need to be computed which is an annuity as same amount of $30 is paid.

Checking PVIFA table for 2%, 6 periods, annuity factor is 5.6014.

Borrowed amount = Monthly payment × PVIFA(2%,6)

                            = 30 × 5.6014

                            = $168.042

Borrowed amount is $168.042 or $168.22 approximately (difference in value due to annuity factor being rounded off)

                         

You might be interested in
Understanding the Resource Allocation Process (RAP) will have large effects on shaping a firm'srealized strategy. Which of the f
vfiekz [6]

Answer:

The correct answer is D Intel's rule to "maximize margin-per-wafer-start"

Explanation:

4 0
3 years ago
Food with a use by date of July 10 should be stored in front of food dated June 29, in front of food dated July 9, behind food d
Vinvika [58]
This food should be displayed behind food dated June 27th so that the food which will expire sooner will hopefully be chosen  by the shopper to finish it and leave the food with a longer shelf life for later since it has a later expiry date.
6 0
3 years ago
Read 2 more answers
A sandwich at the deli can be made of ham, beef, or turkey on wheat, white, or rye bread. How many combinations of meat and brea
Nat2105 [25]
You can make a total of 9 combinations consisting of one meat and one bread
8 0
4 years ago
Whenever bhavin left his homework at school, he lost his computer privileges for two days. bhavin forgets his homework much less
Vlad [161]
Disciple
1234567890`12345
4 0
3 years ago
Which of the following will decrease the demand (demand curve shifts to the left), for jogging shoes?
Brut [27]

Answer:

B. A decrease in the price of substitutes.

Explanation:

When there is a Decrease in the price of Substitute goods to jogging shoes then more people will demand more of those substitutes.

Because those other goods are Substitutes, an increase in their demand reduces the demand for Jogging shoes because goods that are substitutes are not usually bought at the same time.but rather to replace the other. When more of the jogging shoe substitute are bought, less Jogging shoes will be demanded.

3 0
3 years ago
Other questions:
  • Welfare analysis: Basic conceptsIdentify whether each of the following statements best illustrates the concept of consumer surpl
    9·1 answer
  • Assume the macro islands can build either 5 hotels or 15 stores and the micro islands can build either 4 hotels or 20 stores in
    9·1 answer
  • One of the causes of the financial crisis of 2008 was the connectedness of financial institutions, where financial assets for on
    12·1 answer
  • The balance sheet reports the A. financial position on a specific date. B. financial position for a specific period. C. results
    14·1 answer
  • Jenny was feeling frustrated. "What's taking them so long to make a decision? It's been weeks since I first met with them, and t
    8·2 answers
  • You have been engaged to review the financial statements of Flounder Corporation. In the course of your examination, you conclud
    15·2 answers
  • In 2020, Sunland Corporation incurred research and development costs as follows: Materials and equipment $116000 Personnel 13600
    14·1 answer
  • Helen spent the last 85 days of 2020 in a nursing home. The cost of the services provided to her was $27,625 ($325 per day). Med
    7·1 answer
  • What counts as a disability under title ii of the ada
    12·1 answer
  • 1. The people, procedures, hardware, software, data, and knowledge needed to develop computer systems and machines that can simu
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!