Answer:
Convenience checks: consumers use these to reduce their available credit in exchange for cash.
Installment loan: consumers make recurring fixed payments.
Introductory interest free: consumers can enjoy a set period of zero interest credit.
Revolving credit: consumers borrow an amount that they don’t have to pay off by a specific date.
Explanation:
In Business, credit can be defined as money or a loan facility agreed upon by a lender and a borrower, who is obligated to repay the lender at a specified date mostly with interest depending on the terms and conditions.
Credit generally decreases assets or increases liabilities and equity on the balance sheet of an organization.
Answer:
$13232.50 should be set aside each year
Explanation:
given data
save = $2 million
by time = 65 year
today age = 22
interest rate = 5%
to find out
how much must you set aside each year to make sure that you will have $ 2 million
solution
we know here number of payment will be
no of payment = 65 - 22 + 1
+1 is add here because 1st payment is today
no of payment = 44
so future value formula is
future value = present payment .............1
put here value here r is rate and t is no of payment
$2 million = present payment
present payment = 13232.50
so $13232.50 should be set aside each year
Answer: (C) Product development
Explanation:
The product development growth strategy is one of the type of strategy that helps in developing the various types of new products by properly modifying its characteristics and also the features from the existing one according to the customer needs.
The product development strategy helps in increase the growth of the company in the market and also providing the actual value to the customers.
According to the given question, the Quitman enterprises is one the company that sells its business language dictionary to the various types of students in the college. So, the Quitman basically wants to pursing the product development growth strategy.
Answer:
Explanation:
a.)
Amount deposited ; PV = 2,500
Monthly interest rate; r = 3.25% / 12 = 0.2708% or 0.002708 as a decimal
Duration of investment ; n = 5 months
Use future value formula to find the accumulated amount by the end of the 5th month;
FV = PV *(1+r)^n
= 2,500* (1.002708)^5
= 2,500 * 1.01361
= 2,534.025
Therefore, the account will have $2,534.03
b.)
Compound interest is the interest earned on the initial amount deposited(Principal) and on the accumulated interest already earned.
The compound interest is therefore total future value minus the initial amount invested;
= $2,534.03 - 2,500
= $34.03