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erica [24]
3 years ago
11

You receive a credit card application from Shady Banks Savings and Loan offering an introductory rate of .6 percent per year, co

mpounded monthly for the first six months, increasing thereafter to 17.5 percent compounded monthly. Assume you transfer the $6,500 balance from your existing credit card and make no subsequent payments. How much interest will you owe at the end of the first year? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Business
1 answer:
kolezko [41]3 years ago
7 0

Answer:

Total interest paid = $606.63

Explanation:

First calculate the monthly payment for first six months

Monthly interest for first 6 months =.006/12=.0005

= 6500*(1.0005)^6

=6519.52

Interest rate for next six months

=17.37%/12=1.45%

(1.0145)^6=1.090054

=6519.52*(1+.0145)^6

=7106.63

Total interest paid = 7106.63-6500  

Total interest paid = 606.63

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Patronizing a store means helping it buy going there often, and basically buying things often and consequently giving it money.. 

Patronizing a little brother means behaving condescendingly towards, a kind of master-slave relationship... One should never do that... 


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4 years ago
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A phone company offers two monthly charge plans. In Plan A, there is no monthly fee, but the customer pays cents per minute of u
Andreas93 [3]

Answer:

For more than 180 minutes of phone use.

Explanation:

Let m represent number of minutes of phone use in a month.

We have been given that in Plan A, there is no monthly fee, but the customer pays $0.06 per minute of use.

The cost of using m minutes in plan A would be 0.06m.

We are also told that in Plan B, the customer pays a monthly fee of $4.80 and then an additional $0.03 per minute of use.

The cost of using m minutes in plan B would be 0.03m+4.80.

To find the amounts of monthly phone when Plan A will cost more than Plan B, we will set cost of plane A greater than cost of plan B as:

0.06m>0.03m+4.80

Let us solve for m.

0.06m-0.03m>0.03m-0.03m+4.80

0.03m>4.80

\frac{0.03m}{0.03}>\frac{4.80}{0.03}

m>180

Therefore, Plan A will cost more than Plan B for more than 180 minutes of phone use.

4 0
4 years ago
determine the net income of a company for which the following information is available for the month of july. employee salaries
djyliett [7]

The net income of the company is $193,000

What is the net of the company?

The net income of the company is the total consulting revenue minus the salaries expense, interest expense, and rent expense, in other words, revenue minus total costs of running the company

net income=consulting revenue-rent expense-interest expense-salaries expense

consulting revenue=412,000

rent expense=23,000

interest expense=13,000

salaries expense=183,000

net income=412,000-23,000-13,000-183,000

net income=$193,000

Find out more about income statements on:brainly.com/question/24498019

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2 years ago
When conducting a capital budgeting analysis and attempting to account for effects of exchange rate movements for a foreign proj
7nadin3 [17]

Answer:

b. should be; should definitely not be

Explanation:

When conducting a capital budgeting analysis and attempting to account for effects of exchange rate movements for a foreign project, inflation <u>should be </u>included explicitly in the cash flow analysis, and debt payments by the subsidiary <u>should definitely not be</u> included explicitly in the cash flow analysis.

Inflation and movements in exchange rates reduces and impacts the value of cashflows and the real returns to be derived from an investment and must be considered in every investment analysis to take account of the time value of money.

Debt payments are NOT a requirement in investment analysis because the interest rate of the loans have been factored into the cost of capital with which the cashflows have been discounted

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3 years ago
Match each current trend with the advantage it provides for the global
Sindrei [870]

Answer:

Find answers below.

Explanation:

1. Reduction of trade barriers: allows for a greater mobility of goods and labor.

Some examples of trade barriers are import license, quotas, subsidies, embargo, currency devaluation, local content requirements, tariffs, etc.

A tariff can be defined as tax levied by the government of a country on goods and services imported from another country.

2. Industrialization: enables economic growth in developing countries.

Industrialization can be defined as a strategic process which typically involves the development of various industries in a country by the large-scale introduction of mechanized equipments and use of technology for the manufacturing of goods and services that meets the need or requirements of consumers.

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Basically, when there is an effective and efficient level of communication between two or more countries, it would help to facilitate and enhance the exchange of goods and services between the countries.

4. Development of infrastructure: reduces production and transportation costs.

Typically, when there are good infrastructural development such as roads, electricity, etc., in a society it would ease the movement of goods and services, as well as the cost of production and transportation.

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