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3 years ago

Which type of account will typically have the highest interest rate?

Business

2 answers:

Shtirlitz [24]3 years ago

8 0

Use the certificate of deposite

Setler [38]3 years ago

7 0

Savings account is the answer

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On April 12, Hong Company agrees to accept a 60-day, 8%, $5,700 note from Indigo Company to extend the due date on an overdue ac

erastova [34]

Answer:

Interest = Principal Amount × Rate × Number of days / 365

Interest = $5,700 * 10% * 60/365

Interest = $96.70

Cash to be paid = Principal Amount + Interest

Cash to be paid = $5,700 + $96.70

Cash to be paid = $5796.70

On the date of maturity, journal entry to make the payment of note payable is given below

Date Account Title & Explanation Debit Credit

Note Payable $5,700

Interest Expense $96.70

Cash $5796.70

7 0

4 years ago

Pork barrel projects are approved because they do what?

stiv31 [10]

Hello!!
It’s number ,c hope this helps

6 0

2 years ago

Before the year began, McCrae, Inc. estimated its manufacturing overhead costs for the year to be $400 comma 000 and estimated

V125BC [204]

Answer:

Gross Profit = $5,172

Explanation:

For the information provided,

Manufacturing overhead at an activity level of 10,000 machine hours = $400,000

Thus, overhead per hour = $400,000/10,000 = $40 per hour

Direct material = $1,000

Direct labor cost = $1,500

Total manufacturing cost allotted = $40 $\times$ 23 = $920

Total direct cost = $1,000 + $1,500 + $920 = $3,420

Sales revenue = $716 $\times$ 12 = $8,592

Gross profit = Sales - Cost = $8,592 - $3,420 = $5,172

4 0

4 years ago

Jeffery Wei received a 7-year non-subsidized student loan of $30,000 at an annual interest rate of 5.2%. What are Jeffery's mont

levacccp [35]

Answer:

$515.56

Explanation:

Since it is a non-subsidized loan, interest would accrue during the 4 years Jeffery is in college.

So, find interest accrued using simple interest rate formula;

Simple interest (SI)= Principal * rate* time

SI = 30,000*0.052*4

SI = 6240

Next, add this amount to the borrowed loan amount;

Total amount in 4 years = 30,000 + 6,240 = 36,240

Using a financial calculator, input the following to solve for the monthly PMT;

PV = -36,240

FV = 0

Monthly interest rate ; I = 5.2%/12 = 0.433%

N = 7*12 = 84 months

then compute payment; CPT PMT = $515.56

5 0

4 years ago

Elfalan Corporation produces a single product. The cost of producing and selling a single unit of this product at the company's

katrin2010 [14]

Answer:

$50,820

Explanation:

Current Variable cost per unit = Direct materials + Direct labor + Variable manufacturing overhead + Variable selling and administrative expense

= $43.10 + $8.20 + $1.20 + $2.00 = $54.50 per unit

Variable cost per unit for special order = $54.50 - $1.30 = $53.20 per unit

Selling price per unit for special order = $77.40 per unit

Contribution margin per unit for special order = $77.40 - $53.20 = $24.20 per unit

Number of units for Special order = 2,100 units

Monthly financial advantage for special order = $24.20 * 2,100 units = $50,820

Hope this helps!

7 0

4 years ago