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
Jlenok [28]
3 years ago
10

Another bank is also offering favorable terms, so Rahul decides to take a loan of $18,000 from this bank. He signs the loan cont

ract at 10% compounded daily for three months. Based on a 365-day year, what is the total amount that Rahul owes the bank at the end of the loan's term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)
a. $18,086.74
b. $17,902.18
c. $18,455.86
d. $19,563.21
Business
1 answer:
Sphinxa [80]3 years ago
7 0

Answer:

final loan amount = $18,455.86

so correct option is c. $18,455.86

Explanation:

given data

loan = $18000

rate =  10%

time = 3 months

to find out

total amount that Rahul owes the bank at the end of the loan

solution

we know that number of day in 3 months is

number of day = 3 × \frac{365}{12}

number of day = 91.25 days

loan rate = \frac{0.10}{365}

loan load = 0.00027397

now final loan amount will be

final loan amount = loan amount × (1+r)^{t}      

final loan amount = $18000  × (1+0.00027397)^{91.25}  

final loan amount = $18,455.86

so correct option is c. $18,455.86

You might be interested in
When the body senses warmer temperatures, what happens to the blood vessels?
Molodets [167]

Answer:

When we get too hot, sweat glands in the skin release more sweat. The sweat evaporates, transferring heat energy from the skin to the environment. 

7 0
2 years ago
Read 2 more answers
After a large hotel chain discovered that their computer systems had been hacked and customer credit card information had been a
Gnesinka [82]
The hotel's quick action in response to a serious situation was likely due to CYBER SECURITY BREACH. It is a threat not only to the customers but to the hotel business as well because with this breach, customers will find it hard to trust said hotel again. 

Because confidential data like credit card information were stolen, they need to immediately inform their customers to ensure that the customers will take the necessary steps in protecting themselves from having their identity stolen and from having their credit cards used in purchasing items they are not aware off. 
4 0
3 years ago
Keynes rejected the view that lower wages would direct a recessionary economy back to full employment because
Lorico [155]

Answer: the options are added below:

A. market forces would quickly direct an economy back to full employment.

B. lower wages would cause the central bank to reduce the money supply and thereby prolong the recession.

C. lower wages would stimulate inflation and thereby prolong the recession.

D. powerful trade unions and large corporations made wages highly inflexible.

The correct option is D.

Explanation: A Trade Union is also known as a labour union and it is an association of workers in a particular trade, industry, or company that is created for the aim of negotiating improvements in wages and salaries, benefits, better working conditions, or social and political status through collective bargaining.

The view of Keynes is that the trade unions that have become powerful have, in conjunction with large corporations, made wages highly inflexible.

What this means is that they always make sure that there will be no supply of labor if the wages are low, therefore Keynes is of the view that lowering wages will not direct a recessionary economy back to full employment, rather, increasing the wages will ensure that the trade unions and large corporations supply labor and therefore increase employment.

3 0
3 years ago
If individuals believe their income will decrease in the near future, they may _____________ their spending
Finger [1]
Decrease, cut, halt, slow down.
7 0
3 years ago
Consider a service company that provides carpet cleaning and uses straight-line depreciation. Classify the cost of the depreciat
madreJ [45]

Answer: Fixed Indirect costs.

Explanation:

Depreciation cost is the amount of a fixed asset that has been charged to expense through a periodic depreciation charge. Depreciation can either be a direct cost which is one that varies in concert with changes in a related activity while

an indirect cost is one that is not directly associated with an activity.

The determination of depreciation as a direct or indirect cost depends upon what it is associated with. For example carpet cleaning is an Indirect costs because it's precise benefits to a specific project is difficult or impossible to trace Also,since depreciation is a fixed cost, because it recurs in the same amount per period throughout the useful life of an asset then cost of the depreciation on the carpet cleaning is a Fixed Indirect Cost.

8 0
3 years ago
Other questions:
  • Terapin Company engages in the following external transactions for November.
    8·1 answer
  • WaterwayCorporation had net credit sales of $13100000 and cost of goods sold of $9070000 for the year. The average inventory for
    9·1 answer
  • Instructions: Answer each question in complete sa
    13·1 answer
  • A working group convened by NASAA has developed a model fee disclosure schedule to help investors better understand the costs in
    6·1 answer
  • Compare and contrast the roles of the federal government as both promoter and regulator of industrial development and market cap
    10·1 answer
  • The crusades, fought on the basis of religion occurred in the continent of
    12·1 answer
  • Suppose that the adult population in the town of Springfield is 225 million. If 40 million are unemployed and 100 million are em
    10·1 answer
  • Malik and his managers spent a large sum of money on the new training program, and they feel that there has been little improvem
    14·1 answer
  • Shannon Co. is considering a project that has the following cash flow and cost of capital (r) data. What is the project's discou
    15·1 answer
  • A written and signed document between an employer entity and a labor organization specifying the terms and conditions of employm
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!