Answer:
$1,043
Explanation:
Assuming a 12% annual rate, we can convert it to a quarterly rate.
The equivalent quarterly rate is 2.9%.
9 months is the sames as 3 quarters, therefore, we can use the following formula to find the full value of the note at maturity:
12,000 = X (1 + 0.029)^3
12,000 = X(0.92)
12,000/0.92 = X
13,043 = X
Therefore, the interest due at maturity is:
13.043 - 12,000 = 1,043
Answer:an inferior good; very large
Explanation:A consumer budget is the actual purchasing potential with which he or she can purchase a number of two goods, provided their prices.
There are two factors that affect a consumer’s choice of quantities to purchase between two goods: prices and money income. Price times quantity for each good gives us the expenditure incurred on purchasing a good.
Answer: income effect of a price change.
Explanation: The income effect is known as the effect on real income when price changes, it can however be positive or negative. The income effect expresses the impact of increased purchasing power on consumption.
In this scenario, spending $10 for lunch, and you would like to purchase two cheeseburgers. When you get to the restaurant, you find out the price for cheeseburger has increased from $5 to $6, so you decide to purchase just one cheeseburger, this scenario best illustrates the income effect of a price change.
Answer: Cost plus contract
Explanation:
A contract in which the contractor is reimbursed on allowable expenses and paid an agreed percentage of the total allowable expenses.