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
AnnyKZ [126]
2 years ago
13

Harold has a balance of $2200 on a credit card with an APR of 31.3%, compounded monthly. About how much will he save in interest

over the course of a year if he transfers his balance to a credit card with an APR of 19.1%, compounded monthly? (Assume that Harold will make no payments or new purchases during the year, and ignore any possible late payment fees.)
Business
2 answers:
Sergio [31]2 years ago
6 0

Answer:

$339

Explanation:

If Harold doesn't make any more payments or purchases during the year, his balance at the end of the year will be:

APR 31.3%

$2,200 x (1 + 31.3%/12)¹² = $2,200 x (1 + 2.61%)¹² = $2,200 x 1.0261¹² = $2,997

APR 19.1%

$2,200 x (1 + 19.1%/12)¹² = $2,200 x (1 + 1.59%)¹² = $2,200 x 1.0159¹² = $2,658

The transfer would save Harold $339 (= $2,997 - $2,658)

Naddik [55]2 years ago
4 0
The answer is 337.49
You might be interested in
According to MACRS tax rate table, which of the following classes uses straight-line depreciation?
Vinil7 [7]
The answer is Residential rental property
8 0
3 years ago
Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attem
Juliette [100K]

Answer:

$24,000

Explanation:

According to the consignment accounting, it States that any inventory sent on consignment by the consignor to the consignee, belongs to the consignor until the inventory is sold by the consignee.

Regarding the above, Mogu company sent inventory costing $100,000 and out of this, only $76,000 has been sold. The remaining inventory still belongs to the consignor and the amount of this inventory is;

$100,000 - $76,000 = $24,000

Therefore, Mogul would report $24,000 worth of inventories at year end.

7 0
2 years ago
_____________ - a term referring to the fact that for many goods, as the level of production increases, the average cost of prod
amm1812

Answer:

Economies of scale

Explanation:

As the production increases, the cost per unit of a single product type decreases.

7 0
3 years ago
What is the incremental manufacturing cost incurred if the company increases production from 20,000 to 20,001 units? 2. What is
sergiy2304 [10]

Answer:Answer:

ik it is it is

Explanation:

ik it is is is Answer:

ik it is it is

Explanation:

ik it is is is

Explanation:

Answer:

ik it is it is

Explanation:

ik it is is is

4 0
2 years ago
You buy a seven-year bond that has a 6.50% current yield and a 6.50% coupon (paid annually). In one year, promised yields to mat
Harlamova29_29 [7]

The current yield and annual coupon rate of 6.50% show that the bond price was at par a year ago.

The givens are FV=1,000, n= 6, PMT = 65.00, and i= 7.50 so with this we know that the selling price this year is $953.06.

So the holding period return is $1,000+$953.06+$65.00

$1,000=0.0181=1.81%

Hope this helps, now you know the answer and how to do it. HAVE A BLESSED AND WONDERFUL DAY! As well as a great rest of Black History Month! :-)  

- Cutiepatutie ☺❀❤

7 0
3 years ago
Other questions:
  • Tidewater Fishing has a current beta of 1.16. The market risk premium is 6.8 percent and the risk-free rate of return is 2.9 per
    15·1 answer
  • Daniel is the vice president of marketing and sales of an insurance company that sells workers' compensation insurance within th
    15·1 answer
  • How does proper inventory control help a company manage its marketing efforts
    15·1 answer
  • This approach to calculating GDP is based on adding up consumer spending, investment, government spending, and exports - imports
    7·1 answer
  • The budget is one of the three values of earned value management and is also known as _____. a. actual cost b. indirect cost c.
    9·1 answer
  • Floating rate bonds are most likely to be popular with investors when it is anticipated that:_________.
    14·1 answer
  • 1. What do you understand by footprinting in ethical hacking?
    13·1 answer
  • Demand determines price entirely when A) demand is downward sloping. B) demand is perfectly inelastic.
    14·1 answer
  • Imagine the tea market has a demand function of QDX = 10 – 2PX and a supply function of QSX = PX − 2, where PX is the price of t
    13·1 answer
  • A point outside (to the right of) the production possibilities curve of a nation implies that this nation is using its resources
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!