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
Papessa [141]
3 years ago
5

Shawn Bixby borrowed $21,000 on a 120-day, 12% note. After 70 days, Shawn paid $2,400 on the note. On day 100, Shawn paid an add

itional $4,400. Use ordinary interest. a. Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.) b. Determine the ending balance due use the U.S. Rule. (Do not round intermediate calculations. Round your answer to the nearest cent.)
Business
1 answer:
Zarrin [17]3 years ago
5 0

Answer:

Ending Balance Due = $14,980.106

Total Interest = $780.106

Explanation:

solution

Total Interest and Ending balance due by the U.S. Rule are as given below

so interest is here for 70 day with 12 % of 21000

interest = 0.12 × 21000 ×  \frac{70}{360}

interest = $490

so

payment = $2400 - $490

payment = $1,910

and adjusted balance  will be after that

adjusted balance  = $21,000 - $1,910

adjusted balance  = $19,090

and

on 100 day

Interest  =  0.12 × $19,090  ×  \frac{30}{360}

Interest  =  $190.9

and

Payment  = $4,400 - $190.9

payment = $4209.1

So

adjusted balance  = $19090  - $4209.1

adjusted balance  = $14,880.9

and interest = $14,880.9 × 0.12  ×  \frac{20}{360}

interest = $99.206

so Ending Balance Due  will be

Ending Balance Due = $14,880.9 + $99.206

Ending Balance Due = $14,980.106

and

Total Interest = $490 + $190.9 + $99.206

Total Interest = $780.106

You might be interested in
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships fo
bulgar [2K]

Answer:

The solution according to the given query is provided below.

Explanation:

The given question seems to be incomplete. The attachment of the complete query is provided below.

Now,

The additional investment will be:

= Ending \ owner's \ equity-Beginning \ owner's \ equity+Drawings-Net \ income

By putting the values, we get

= 40000-25000+37000-45000

= 7,000

Now,

The drawings will be:

= Ending \ owner's \ equity-Beginning \ owner's \ equity+Additional \ investment-Net \ income

By putting the values, we get

= 130000-80000-25000-40000

= -15,000

3 0
2 years ago
Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $13 of variable costs
Helen [10]

Answer:

The contribution  margin ratio is 35%

Explanation:

The formula for contribution is given below:

Contribution margin = revenue − variable costs.

Contribution margin ratio is given as:

(Sales – variable expenses) ÷ Sales

In this case,contribution is given as 1000*($20-$13), in other words selling price per unit minus variable cost multiplied by number of units sold.

Contribution is $7000

contribution margin ratio =$7000/($20*1000)

                                         =0.35  or 35%

The implies that Hollis Industries makes a contribution of 35% per unit of output sold,hence, the contribution contributes towards covering fixed costs and making profit overall

4 0
2 years ago
Which type of account typically has low liquidity? AMoney Market Account BCertificate of Deposit (CD) CChecking Account DSavings
natta225 [31]
Likely B. Liquidity is basically the measurement of how quickly a given investment can be turned into cash. If you can sell it or take money from it quickly, it is liquid. Any one of the others (A, C or D) can be withdrawn from in a short time, and thus are very liquid. CDs, however, are set to a specified amount of time. You deposit money for, say, 5 years and then are allowed to withdraw it, not before. Thus, it is not liquid.
8 0
3 years ago
Other things the same, if prices fell when firms and workers were expecting them to rise, then a. employment and production woul
Trava [24]

Answer:

d. employment and production would fall.

Explanation:

Economic agents have expectations about the parameters of an economy, such as price, inflation, unemployment rate, etc. If the price falls while economic agents expect the opposite, in the short run production and employment tend to increase. This is because investment decisions had already been made. However, in the medium and long term, economic agents realize that price expectations have not been confirmed and market parameters adjust. Thus, in the face of falling prices, there will be less demand. With lower demand, there will be a decrease in production and thus the employment rate decreases.

4 0
3 years ago
Match the job titles with the career clusters
Lerok [7]

<u>Business Management and Administration</u>: general manager and executive secretary

<u>Finance</u>: accountant, loan officer

<u>Marketing, sales, and service</u>: survey researcher and purchasing agent

<u>Transportation, distribution, and Logistics</u>: storage and distribution manager and cargo and freight attendant

7 0
3 years ago
Read 2 more answers
Other questions:
  • During the year, a firm purchased $256,900 of merchandise and paid freight charges of $36,870. If the total purchases returns an
    13·1 answer
  • You have been given this probability distribution for the holding period return for KMP Stock State of the Economy Boom Normal R
    13·1 answer
  • Question 4 (multiple choice)
    7·1 answer
  • Redbox places vending machines at local convenience and grocery stores that allow customers to rent and return popular DVDs 24 h
    7·1 answer
  • The following information applies to the questions displayed below.
    10·1 answer
  • Kuhn does not have any retained earnings available to finance this project, so the firm will have to issue new common stock to h
    10·1 answer
  • A ______ the demand curve represents a change in demand while a ______ the demand curve represents a change in the quantity dema
    10·1 answer
  • Marketing organizations should choose their rivals carefully because the competitors that marketing strategists choose to hate a
    7·1 answer
  • What was ronald reagan’s basic belief about economic growth? he thought greater government involvement in business would fix the
    8·2 answers
  • Which of the following is an example of an e-commerce security concern?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!