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
Oduvanchick [21]
3 years ago
13

One of your customers is delinquent on his accounts payable balance. You’ve mutually agreed to a repayment schedule of $500 per

month. You will charge 1.95 percent per month interest on the overdue balance. If the current balance is $18,500, how long will it take for the account to be paid off? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Business
1 answer:
jekas [21]3 years ago
6 0

Answer: Number of months = 66.87 months

Explanation:

Given that,

Monthly Payment = $500

Interest rate(r) = 1.95% per month

Current Balance = $18,500

Number of months(t) = ?

Current\ balance = Monthly\ payment\times(\frac{1-present\ value\ factor}{r})

Current\ balance = Monthly\ payment\times(\frac{1-\frac{1}{(1+r)^{t}} }{r})

18,500 = 500\times(\frac{1-\frac{1}{(1+0.0195)^{t}} }{0.0195})

\frac{18,500}{500}\times0.0195=1-\frac{1}{1.0195^{t} }

\frac{1}{1.0195^{t}}=1-0.7215

1.0195^{t}=\frac{1}{0.2785}

1.0195^{t}=3.5906

Taking log on both side

t log(1.0195) = log(3.5906)

t = \frac{0.5551}{0.0083}

t = 66.87 months

You might be interested in
Help-. You and a friend are designing and selling artisan smartphone covers. The covers are decorated with tiny manufactured rhi
GuDViN [60]
I believe it would be capital.  You have to invest in the jewels to complete the cases.
8 0
3 years ago
You are considering buying one of two types of health insurance, both with the same premium. You guess that in the next year the
dybincka [34]

Answer and Explanation:

The computation is shown below:

a. The expected value of payout arise from emergency is

= 0.01 × $67,500

= $675

b. The expected value of payout arise from capped coverage insuance is

= (0.9 × $500) + (0.09 × $2,500)

= $675

c. The risk averse shows the minimum exposure with respect to the swings of the income or there would be the loss in the income. Since the payout amount is same in both the cases so here we considered option B

8 0
3 years ago
What can you say about entrepreneur?​
zalisa [80]
An entrepreneur is a person who starts a business and is willing to risk loss in order to make money” or “one who organizes, manages, and assumes the risks of a business or enterprise.”
6 0
3 years ago
Read 2 more answers
The business arrangement in the newspaper industry in which two separately owned papers in the same city are permitted to combin
musickatia [10]

Answer: Joint operating agreement

Explanation:

 The joint operating agreement is one of the concept that helps in protecting the business or the industry from the failure that helps in governing the partnership between any two organization.

In this type of agreement any two organization are basically contributing their power and the resources for producing the effective result.

According to the given question, the newspaper industry is one of the example of joint operating agreement in which two companies are permitted for combining their business. Therefore, Joint operating agreement is the correct answer.

8 0
3 years ago
On January 2, 2020, Marigold Corp. began construction of a new citrus processing plant. The automated plant was finished and rea
MissTica

Answer:

MARIGOLD CORP

INTEREST TO BE CAPITALIZED IN THE YEAR 2020

January 2,  2020      $606,000 *10%        =         $60,600

September 1, 2020   $1,802,400*10%* 4/12  =   <u> $60,080</u>

                                                                              <u> 120,680</u>

Explanation:

Interest to be capitalized for the year 2020 must be interest that is incurred on amount expended on the construction from amount specifically borrowed for the construction

6 0
3 years ago
Other questions:
  • ABC Credit Union has a Commercial Crime policy that includes Computer Fraud coverage. After an employee was tricked into making
    9·1 answer
  • Which relationship is possible when two tables share the same primary key?
    6·1 answer
  • During the accounting​ period, office supplies were purchased on account for $ 3 comma 000. A physical​ count, on the last day o
    9·1 answer
  • The Petit Chef Co. has 7 percent coupon bonds on the market with 9 years left to maturity. The bonds make annual payments and ha
    9·1 answer
  • You examine the schedule for your favorite soccer team. the team plays 38 games each season. later you try recalling that schedu
    10·1 answer
  • "Whenever Andrew considers upgrading his personal computer system, he consults with Jeremy, a knowledgeable friend who always ha
    13·1 answer
  • Suppose that the firm pays its workers $46 per day. Each unit of output sells for $12. How many workers should the firm hire
    9·1 answer
  • Name two advantages offered by a credit union.
    10·1 answer
  • If bank customers decided as a group to pay off their loans and not take out any new loans, ceteris paribus: Group of answer cho
    15·1 answer
  • A ______ is a mission in a game, structuring action for the player. Group of answer choices strategy mechanic dynamic quest
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!