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Schach [20]
3 years ago
7

The annual interest rate on a credit card is 13.99​%. If a payment of ​$400.00 is made each​ month, how many months will it take

to pay off an unpaid balance of ​$2 comma 455.44​? Assume that no new purchases are made with the credit card.
Business
1 answer:
romanna [79]3 years ago
5 0

Answer:

There will be 7 months of repayment for fully paying-off the outstanding amount.

Explanation:

We apply the present value formula to calculate the number of month it takes to paid off the outstanding amount.

We have:

Monthly payment = $400; Discounting period = number of months needs to paid off the amount; Discount rate = 13.99%/12

So, we have: 2,455.44 = [400/(13.99%/12)] x [1 - (1+13.99%/12)^(-n)] <=> [1 - (1+13.99%/12)^(-n)] = 0.071566 <=> (1+13.99%/12)^(-n) = 0.928434 =  <=> n = 6.4

=> There will be 7 months of repayment for fully paying-off the outstanding amount.

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Answer:

These statements would fit well in an apology letter:

  • Make a promise that it won't happen again - Putting the wrong date is a very serious and very strange mistake at the same time. It's strange because professionals usually do not make that kind of mistake, and it's serious because it can completely distort as schedule, as it happened in this case.
  • Apologize sincerely - again, as the mistake was serious and strange at the same time, an apology is necessary.
  • Accept responsability - accepting responsability for one's actions is not only the professional thing to do, but also the ethical thing to do.

And this statement is appropriate when presenting a bad newsletter:

  • If the reason or explanation is not confidential and will not create legal liability - giving out specific information in a corporate context can result in legal liabilities that potentially cost a lot of money, therefore, it is important to carefully choose one's words, while at the same time being honest with the reader.

4 0
3 years ago
Some of the considerations you might use to analyze the data include
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B characteristics of the children etc
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3 years ago
On January 1, 2021, the Blackstone Corporation purchased a tract of land (site number 11) with a building for $740,000. Addition
yawa3891 [41]

Answer:

The answer is given below;

Explanation:

Land Account As at September 30,2022

                                                      Amount in $

Land Value                                    570,000

Broker Commission                        50,000

Legal Fees                                          8,000

Title Insurance                                  25,000

Cost of Razing                                  89,000

Total                                                742,000

Office Building-Total Cost            Amount in $

Contract price to barnett                  4,400,000

Plans and Blueprint                               26,000

Design and Supervision                        98,000

March-December 2021

Borrowing Costs 1,040,000*12%*9/12   93,600

January-September 2022

Borrowing Costs 3,000,000*12%*9/12   270,000

Total Cost                                                4,887,600          

             

4 0
3 years ago
Within organizations, leaders are needed to ________ and managers are needed to ________.
velikii [3]
Pay , work hope this helped you have a good day
4 0
3 years ago
Butler Corporation is considering the purchase of new equipment costing $84,000. The projected annual after-tax net income from
torisob [31]

Answer:

The net present value of the machine is $5530

Explanation:

Data provided in the question:

Cost of the equipment = $84,000

Annual after-tax net income from the equipment after deducting depreciation = $3,000

Depreciation = $28,000

Useful life = 3 years

Required return on investment = 9% = 0.09

Now,

After-tax cash flow = After-tax net income + Depreciation

= $3,000 + $28,000

= $31,000

Therefore,

Net Present Value = Present value of cash flow - Investment

= ( $31,000 × PVIFA(11%, 3) ) - $84,000

= ( $31,000 × 2.5313 ) - $84,000

= $78470.3 - $84,000

= -$5529.7 ≈ - $5530

hence,

The net present value of the machine is $5530

4 0
3 years ago
Read 2 more answers
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