Which career is likely to earn highest salary

Blenman Corporation, based in the United States, arranged a 2-year , $1,000,000 loan to fund a project in Mexico. The loan is de

SashulF [63]

Answer:

17.67%

Explanation:

Solution

Given that:

The Loan amount in USD = $1,000,000

The Loan is denominated in Mexican pesos.

The rate of exchange at the time of loan = 5.75 pesos per USD

Thus,

The Loan amount in Mexican pesos = 1000000 * 5.75 = 5,750,000 Mexican pesos

The Loan carries interest rate = 6.5%

Now,

The Loan duration = 2 years = 4 semiannual periods

The Loan to be repaid in Mexican pesos in 4 equal semiannual installments

So,

To get semiannual installments we will apply PMT function of excel:

Which is,

PMT (rate, nper, pv, fv, type) = PMT(6.5%/2, 4, -5750000, 0, 0)

= 1556164.09 Mexican pesos

Thus,

The exchange rate dropped to 5.10 pesos per USD before the first semiannual payment is due and stays so till the end of loan period.

Then,

The Semiannual installment in USD = 1556164.09 / 5.10 = $305,130.2137

To get nominal semiannual rate (for USD amounts) we will use RATE function of excel:

The RATE(nper, pmt, pv, fv, type)

= RATE (4, 305130.2137, -1000000, 0,0)

= 8.477%

Effective annual rate = (1 + 8.477%) 2 - 1 = 17.67%

Therefore, the effective annual interest rate will Blenman end up paying on the loan is 17.67%

7 0

3 years ago

Destin Industries received a $60,000 check from one of its customers, deposited it into its bank account, and recorded it in its

gregori [183]

Answer:

Collection float

Explanation:

Collection float is defined as the time interval between check payment made into a bank and the time the payment is cleared and credited to the beneficiary.

It is also caused when check payment received are not yet deposited or checks posted by customer but it is not yet received.

It is a major factor of discrepancy between the bank statement and the cash book record .

4 0

3 years ago

A company purchased $10,000 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge, $500

olchik [2.2K]

Answer:

the cash paid as on June 24 is $9,424

Explanation:

The computation of the cash paid as on June 24 is as follows:

= Merchandise cost + Freight charge - Purchase returns - Discount Eligible at 3%

= $10,000 + $500 - $800 - [($10,000 - $800) × 0.03]

= $10,000 + $500 - $800 - $276

= $9,424

Hence, the cash paid as on June 24 is $9,424

3 0

3 years ago

I got some answers here on brainly and all of your answers were wrong?

cricket20 [7]

Answer:

LOL BRO Thats how I be sometimes

4 0

3 years ago

Please describe how you have prepared for your intended major, including your readiness to succeed in your upper-division course

s2008m [1.1K]

<span>My love for nature and my curiosity led me to choose Biology as my major. I wanted to pursue the branch of science most closely related to the natural world. Biology, and most specifically cell biology, allow me to see more deeply into nature. Ever since my childhood, when I spent much time hiking the nature trails and collecting bugs, I've been inspired by nature. I was drawn to all the sciences, but realized that Biology brought me closer to understanding the world around me. I have prepared for my major by taking all prerequisite courses required for a Biology major. Additionally, I have also taken electives related to Biology to broaden my knowledge base. Such electives include a History of Science course and a Botany course with a research component. Beyond courses themselves, I have contributed several science articles to my current how-write-good-college-essay's newspaper. I have also volunteered my time to do data entry for a major study being conducted by my how-write-good-college-essay's Biology department, to give me hands-on experience in the research process. As I continue to pursue my Biology major at UC, I will continue to excel academically. More importantly, I am committed to becoming an how-write-act-essayive part of the student body, especially within my department. I will seek volunteer opportunities to participate in research. Additionally, as an upperclassman, I will have the skills and experience to be of service to other students who are just beginning their Biology major. It is important to me to teach as I learn, and tutoring within my department is one way I plan to do so. Further, you will find me specializing in cell and molecular biology, my intended emphasis.</span>

3 0

3 years ago