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Dima020 [189]
3 years ago
8

You borrowed $2,500 from your grandmother. You agreed to pay back the loan with a single payment at the end of five years. The i

nterest rate was set up at 2% per year. How much will you owe your grandmother when you pay off the loan
Business
2 answers:
Mariana [72]3 years ago
5 0

Answer: $2,750

Explanation: This is a simple interest problem, we calculate thus:

Principal = $2,500

Time = 5 years

Rate = 2%

Formula:

I = (P x R x T)/100

I = (2,500 x 2 x 5)/100

I = 25,000/100

I = 250.

Therefore the amount that will be owed at the end of 5 years is:

$2,500 + $250 = $2,750.

Lerok [7]3 years ago
3 0

Answer:

$27,500

Explanation:

We can us simple interest to solve the question because it is the tool that be used in this cases

To solve this , we have the formula of simple interest as

I = (Principal ×rate × time )÷100

We given the following as;

Principal = $2,500

Rate = 2%

Time = five (5) years

Substituting the values into the formula we have

I = ($2,500× 2× 5)÷100

I = $25,000÷100

I = $250

Now the total money that will be returned to grandmother will be addition of principal and simple interest which is

= $2,500+$250

= $27,500

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Which of the following is not a qualitative factor to be considered in a make-or-buy decision?
Karo-lina-s [1.5K]

Answer:

A) Possible lost jobs from buying outside

Explanation:

In a make-or-buy decision,   technical aspects directly related to manufacturing are those that come into play: costs, schedules, quality, among others. A classic example is Apple. Because of the advantages in costs, quality, schedules and other aspects, Apple chooses to manufacture its products in China instead of manufacturing themselves or with a third party in the US, despite the loss of jobs that it generates.

4 0
3 years ago
Identify the uses of generally accepted accounting principles (GAAP). A. Independent accountants use GAAP to determine the amoun
lora16 [44]

Answer:

The correct option is;

B. Companies use GAAP when preparing financial statements

Explanation:

Generally Accepted Accounting Principles (GAAP) are the guidelines with regards to the standards, principles, practices and procedures of financial statement compilation by accountants issued by the Financial Accounting Standards Board (FASB). It is a requirement that all publicly quoted companies make use of GAAP for their financial compilation.

GAAP comprises of the generally accepted accounting records reporting and recording methods as well as policy board standards of accounting procedures.

7 0
3 years ago
Severance pay plans grant employees weekly benefits in addition to state unemployment compensation. True
Yanka [14]

Answer:

False

Explanation:

In simple words, Severance pay can be understood as a salary and/or incentives given to an individual by a company after the job is over. In order to help an individual obtain a new job, severance arrangements can include additional rewards, such as life care and observer ship support.

Thus, the weekly benefits are not included in this and the above statement is incorrect.

4 0
3 years ago
Sufficient Dwelling Coverage? Colton Gentry of Lancaster, California, has owned his home for ten years. When he purchased it for
Shtirlitz [24]

Answer:

a. $17,978

b. $300,000

Explanation:

Conditions

  • The  cotton country of lancaster, california has owned his home for ten years
  • purchased it for $178,000, cotton bought a $160,000 homeowner's insurance policy
  • the replacement cost of the home is now $300,000

a.    hence,

the proportion of the house insured = \frac{InsuranceAmount}{PriceOfThe Home} \times 100%

                                                             = \frac{160000}{178000}\times 100

                                                             =   89.89%

Percentage amount covered by the policy

= proportion of the house insured = 89.89%

Amount covered by the policy in dollars

= $20,000 × 89.89%

= $17,978

b

Amount of insurance on the home that cotton should now carry to be fully reimbursed for a fire loss  = current value of the home

= $ 300,000

5 0
3 years ago
EMD Corporation manufactures two products, Product S and Product W. Product W is of fairly recent origin, having been developed
Julli [10]

Answer:

Explanation:

1.

Direct labour hours work during the period:

Product S=72,400 units×1 hour=72,400 hours

Product W=18,100 units × 3 hours=54,300 hours

Total labour hours=126,700 hour

Predetermined overhead rate=$958,396/126,700  =7.56 per hour

2.

Unit product cost of S = Direct Material cost + Direct labour cost + Overhead = 12+16+7.56*1 = $35.56

Unit product cost of W = Direct Material cost + Direct labour cost + Overhead = 34+13+7.56*3 = $69.68

4 0
3 years ago
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