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vlabodo [156]
3 years ago
14

You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $4,250 with low monthly pay

ments of $90 per month. If the interest rate on the loan is an APR of 15.3 percent compounded monthly, how long will it take for you to pay off the loan
Business
1 answer:
Kobotan [32]3 years ago
8 0

Answer:

73 months

approximately 6 years

Explanation:

The period of time it would take to pay off the loan can be determined using excel nper function as below:

=nper(rate,pmt,-pv,fv)

rate is the interest expressed in monthly terms which is 15.3%/12

pmt is the amount payment per month i.e $90

pv is the amount of loan which is $4250

fv is the balance of the loan after all payments have been made i.e $0

=nper(15.3%/12,90,-4250,0)= 73 months

73 months/12 months=approximately 6 years  

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Privately owned businesses are common in which type of economy?
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Privately owned businesses are commonly found in capitalist economies.
4 0
3 years ago
Read 2 more answers
Sometimes mathematical models are insufficient to predict future personnel requirements. In this case, ________ may be necessary
brilliants [131]

Answer:

The correct answer is: Managerial Judgment.

Explanation:

To begin with, the concept known as "Managerial Judgment" in the field of business refers to the process of managerial decision making done by the manager of the organization, therefore that it could be also understood as the ability that they have in order to resolve the situations that might cause harm to the operations or to the plans of the company. That is why that when sometimes the mathematical models are insufficient to predict future personnel requirements then the managerial judgment enters in the game in order to try to acquire the best solution as possible depending on the situation presented for the managers.

6 0
3 years ago
On January 2, 2020, Marigold Corp. began construction of a new citrus processing plant. The automated plant was finished and rea
MissTica

Answer:

MARIGOLD CORP

INTEREST TO BE CAPITALIZED IN THE YEAR 2020

January 2,  2020      $606,000 *10%        =         $60,600

September 1, 2020   $1,802,400*10%* 4/12  =   <u> $60,080</u>

                                                                              <u> 120,680</u>

Explanation:

Interest to be capitalized for the year 2020 must be interest that is incurred on amount expended on the construction from amount specifically borrowed for the construction

6 0
3 years ago
You and nine of your wealthy friends decide to purchase a local minor league baseball team. The purchase price is $15 million, 6
worty [1.4K]

Answer:

Limited liability company

Explanation:

A limited liability company is a company where the liabilities of partners is limited to the amount invested in the company. A limited liability company has features of both a partnership and a sole proprietorship

The partnership is made up of a general partner and the limited partners. the general partner is involved in the daily running of the business. The limited partners are not involved in the daily running of the business. They just contribute capital.

In this question, the person involved in the running of the business is the general partner while the other 9 friends are the limited partners.

4 0
3 years ago
Wainright Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $ 850 2 1,190 3 1,450 4 1,600
Mashutka [201]

Answer:

 $4,238.05  

Explanation:

The computation of the present value is shown below:

Years  Cash flows   Discount factor @7%         Present value

1           $850.00  0.9345794393              $794.39  

2          $1,190.00  0.8734387283              $1,039.39  

3           $1,450.00  0.8162978769              $1,183.63  

4           $1,600.00  0.762895212              $1,220.63  

Total present value                               $4,238.05  

8 0
3 years ago
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