1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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  

You might be interested in
3M Co. reports beginning raw materials inventory of $986 million and ending raw materials inventory of $928 million. 3M purchase
Rudiy27

Answer:

$4,634 million

Explanation:

The movement or change in the raw materials balance is as a result of purchases and use. The more the raw materials are used, the more reduced the raw material balance is and the more the purchase, the higher the balance.

Hence the relationship may be stated as

Opening balance + purchases - use = closing balance

$986 million + $4,576 million - amount used = $928 million

Amount used = $986 million + $4,576 million - $928 million

= $4,634 million

4 0
3 years ago
Read 2 more answers
The Duerr Company manufactures a single product. All raw materials used are traceable to specific units of product. Current info
Gemiola [76]

Answer:

Direct material used= $102,000

Cost of goods manufactured= $327,000

COGS= $347,000

Explanation:

<u>First, we need to calculate the cost of direct material used:</u>

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 28,000 + 105,000 - 31,000

Direct material used= $102,000

<u>Now, the cost of goods manufactured:</u>

cost of goods manufactured= beginning WIP + direct materials used + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 40,000 + 102,000 + 130,000 + 105,000 - 50,000

cost of goods manufactured= $327,000

<u>Finally, the cost of goods sold:</u>

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

COGS= 80,000 + 327,000 - 60,000

COGS= $347,000

6 0
3 years ago
On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34,
adoni [48]

Answer:

Jan. 22

Dr Cash $7,140,000

Cr Common Stock $6,300,000

Cr Paid in capital in excess of par $840,000

Feb. 27

Dr Cash $180,000

Cr Preferred Stock $135,000

Cr Paid-In Capital in Excess of Par-Preferred $45,000

Explanation:

Preparation of the entries for January 22 and February 27.

Jan. 22

Dr Cash $7,140,000

(210,000*$34)

Cr Common Stock $6,300,000

(210,000*$30)

Cr Paid in capital in excess of par $840,000

($7,140,000-$6,300,000)

Feb. 27

Dr Cash $180,000

(15,000*$12)

Cr Preferred Stock $135,000

(15,000*$9)

Cr Paid-In Capital in Excess of Par-Preferred $45,000

($180,000-$135,000)

7 0
3 years ago
Troubleshooting computer problems can best be described as a(n) ____.
marissa [1.9K]
Technical difficulties 
5 0
3 years ago
Joint _____ prepares individuals, joint forces, or joint staffs to respond to strategic, operational, or tactical requirements c
Masteriza [31]

Answer: Joint training

         

Explanation: In simple words, joint training refers to the process in which an organisation or an entity tries to persuade and influence the behavior of their staff by making teaching them any specific kind of technical skill.

    Such kinds of training are very common in defense forces such as military and police force, where team work and relative trust is of high importance. But these kinds of training are also used by other organizations in cases where the number of candidates is large and it is not possible to train each of them individually.

6 0
3 years ago
Other questions:
  • Debit cards are connected to funds in your bank account. True or False
    5·1 answer
  • What is comsumption efficiecy?
    13·1 answer
  • According to the Department of Labor finishing even one year of college raises the average person's income a lot for the rest of
    11·2 answers
  • Mediflow, a medium-sized medical technology company, has been successful in its research and development, but needs improvement
    5·1 answer
  • 5,000 units (100% complete as to material, 55% complete as to labor) with a cost of $124,800 materials and $104,500 conversion.
    15·1 answer
  • In what order should tasks in the writing process be completed
    10·1 answer
  • How much money should a couple who makes $54,000 a year have in their beginner emergency fund if they have a $3,000 credit card
    10·1 answer
  • Knowledge Check 01 Addison Corporation is considering the purchase of equipment that would increase sales revenues by $250,000 p
    10·2 answers
  • Suppose that Ava withdraws $300 from her savings account at Second Bank. The reserve requirement facing Second Bank is 10%. Assu
    12·1 answer
  • Which of the following is a term for physical goods that are bought and<br> sold?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!