A variable APR<span> is calculated by adding a set number determined by the </span>credit card<span>issuer (called the margin) to a reference rate (called the index) such as the U.S. Prime Rate. When the Prime Rate goes up or down, </span>your<span> variable </span>APR<span> may change, depending on whether </span>your<span> issuer updates </span>your<span> rates monthly or quarterly.</span>
Additional Interest earned in 45 years is $30185.14
<u>Explanation:</u>
Given-
Principal, P = $4500
Rate, r = 7.2%
Time, = 40 years
= 45 years
Interest = ?
We know,
To calculate the interest,
Interest after 45 years:
Interest-
Additional Interest earned in 45 years = $98296.39 - $68111.25
= $30185.14
Therefore, additional Interest earned in 45 years is $30185.14
Answer:
The correct entry is d. Notes Receivable, Dame Company6,000 Accounts Receivable, Dame Company6,000
Explanation:
Note receivable is a written promise to get a specific amount of money at a chosen future date. In other words, a Notes receivable is an asset of Paper Company because it holds a written promissory note from Dame Company. Since Paper Company is receiving cash, it an asset (Asset means the possessions of a company). The note receivable is due within a year, and then it is a current asset on the balance sheet
In this question, Paper Company will debit it note receivable and credit it account receivable (amount owed by Dame Company) as shown on the journal below
General Journal Debit Credit
Notes Receivable—Dame Company $6,000
Accounts Receivable—Dame Company $6,000