Answer:
$58,500
Explanation:
Net worth is the difference between total assets and total liabilities.
I.e network = Asset - Liabilities
For Louie: Assets
Inheritance $ 50,000.00
Checking account $ 1 ,500.00
Car $ 8,000.00
403 (k) <u> $ 20,000.00</u>
Total $ 79,500.00
Liabilities
Car loan $ 6,000.00
School fee loan $ 12,000.00
credit card <u> $ 3, 0000.00</u>
Total $21, 000.00
Net worth = $ 79,500- $21,000
=$58,500
Answer: $104,360
Explanation:
The cash collections for June will be;
= June Cash sales + (50 % *June credit sales ) + (43% * May credit sales) + ( 5% of April credit sales)
= 58,000 + (0.5 * 55,000) + (0.43 * 42,000) + ( 0.05 * 16,000)
= 58,000 + 27,500 + 18,060 + 800
= $104,360
Add on method is
A method of calculating interest whereby the interest payable is determined at the beginning of a loan and added onto the principal. The sum of the interest and principal is the amount repayable upon maturity.
The interest is
I=10,000×0.08×(36÷12)=2,400
Add the interest to the principle
2,400+10,000=12,400
Monthly payment is
12,400÷36months=344.44
Answer:
He needs to deposit each year $747.38
Explanation:
Giving the following information:
To help you reach a $5,000 goal in five years from now, your father offers to give you $500 now. You plan to get a part-time job and make five additional deposits, one at the end of each year for 5 years. Your first deposit will be made at the end of the first year. The money is deposited in a bank that pays 7% interest.
First, we need to calculate the final value of the first $500 that the father gave him:
FV= PV*(1+i)^n
FV= 500*(1.07)^5=
FV= 701.28
Now, we have to calculate the annual deposit required:
Difference= 5,000 - 701.28= 4,298.72
We need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= annual deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (4,298.72*0.07)/[(1.07^5)-1]
A= $747.38
Answer:
Using Encryption and also digital certificate technologies
Explanation:
Encryption and digital certificate technologies could be used. The data can be encrypted before transmission. Only the intended recipient of the transmission will be able to decrypt and use it. In addition, digital certification service can also be used to ensure the authenticity of the other party. The standards for processing financial transactions quite strict enough to ensure safeguarding the interests of the card issuer, the cardholder and the merchant.
