Monthly payment = $1774.71
Effective annual rate = 7.02%
The equation for a loan payment is
P = r(PV)/(1-(1+r)^(-n))
where
P = Payment per period
PV = Present value
r = interest rate per period
n = number of periods
Since the 6.8% interest rate is APR, we need to divide by 12 to get the interest per month. So in the above equation r = 0.068/12 = 0.005666667, the number of periods is 48 and the Present Value is 74400. Let's plug in the numbers and calculate.
P = r(PV)/(1-(1+r)^(-n))
P = 0.00566666666666667(74400)/(1-(1+0.00566666666666667)^(-48))
P = 421.6/(1-(1.00566666666666667)^(-48))
P = 421.6/(1-0.762439412691304)
P = 421.6/0.237560587308696
P = 1774.70516
So the month payment rounded to 2 decimal places is $1774.71
The effective interest rate is
ER = (1 + r/12)^12 - 1
Let's plug in the numbers and calculate.
ER = (1 + 0.068/12)^12 - 1
ER = (1 + 0.00566666666666667)^12 - 1
ER = (1.00566666666666667)^12 - 1
ER = 1.07015988024972 - 1
ER = 0.07015988024972 = 7.015988024972%
So after rounding, the effective interest rate is 7.02%
Answer:
enterprise resource planning.
Explanation:
Enterprise resource planning involves management of main business processes and usually involves use of software. ERP supports similar processes based on the department it is deployed to.
For example ERP can be set up in a company to define various functions of human resources, accounting, amd operations.
The software used for each division will be tailored to their needs. Operations will be more towards everyday processes of production and customer service, while for human resources it will support more of data analysis for effective people management and performance related activities.
Cheaters in cartels make more profit when the other cartel members keep their promises. Thus, option D is correct.
<h3>What are Cartels? </h3>
A cartel is a group of separate companies or social groups that combine to fix prices on goods or services. Within the same sector, cartels compete and work to lessen that rivalry by setting prices in accordance with themselves.
A cartel is an entity with no ethics, which means it often includes cheaters who tend to earn more money than the ones who keep promises. Therefore, option A is the correct option.
Learn more about cartels, here:
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The question is incomplete, the options are:
A)more; break
B)less; keep
C)zero; break
D)more; keep
<span>Out of the prepaid rent of $2800, $700, the actual rent for the month of January, has to be debited to rent account and prepaid rent account will be credited. Now the prepaid rent account will show a smaller figure(2800-700 = 2100) This is the amount that will be shown in the prepaid rent account in the balance sheet. Of course it will be shown as an asset since it has a debit balance.</span>
