<u>Given:</u>
Loan amount = $250000
Interest rate = 5.5%
Interest payment = $2042.71
<u>To find:</u>
Total amount of interest
<u>Solution:</u>
The total number of months in 15 years =
Total monthly payments will be
So, the total pay-backs will be $3,67,687.8
Total interest paid will be as follows,
On plugging-in the values in the above formula we get,
Therefore, the total amount of interest that the borrower will pay over the course of the loan is $1,17,687.80.
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Answer:
A) $102,000
Explanation:
The computation of the amount used today for preparing the operating budget is shown below:
= Contract value × forward rate
= $100,000 × $1.02
= $102,000
For computing this, we consider the forward rate and the same is multiplied with the contract value so that the correct amount can come.
All other information which is given is not relevant. Hence, ignored it
Answer:
211%
$34.9 per direct labor hour
Explanation:
As per the data given in the question,
Pre-determined overhead rate = Total overhead ÷ Direct labor cost
= $191,950 ÷ $90,600
= 211 % of Direct labor hour
Pre-determined overhead rate = Total overhead ÷ Direct labor hours
= $191,950 ÷ $5,500
= $34.9 per direct labor hour
We simply applied the above formulas to determine the value of predetermined overhead rate.