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
mixas84 [53]
3 years ago
15

You have just received an offer in the mail from Friendly Loans. The company is offering to loan you $4,750 with low monthly pay

ments of $100 per month. If the interest rate on the loan is an APR of 15.5 percent compounded monthly, how long will it take for you to pay off the loan
Business
1 answer:
Tasya [4]3 years ago
7 0

Answer:

It will take 74 months to pay-off the loan

Explanation:

We need to find time (n) in the present value of an annuity

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

C  $100.00

time n

rate 0.012916667(0.155 / 12 months)

PV $4,750.00

100 \times \frac{1-(1+0.01291667)^{-n} }{0.01291667} = 4750\\

(1+0.01291667)^{-n}= 1-\frac{4750\times0.0129167}{100}

(1+0.01291667)^{-n} = 0.38645833

Now, we solve for n using logarithmics properties:

-n= \frac{log0.38645833}{log(1+0.01291667)

-n =  -74.07934663

n = 74

You might be interested in
You are a dual income, no kids family. You and your spouse have the following debts (total): mortgage, $290,000; auto loan, $15,
aleksley [76]

Answer:

Total Insurance need          $166,500

Explanation:

Life insurance [DINK method]

Amount mortgage loan (half)  $145,000  

Auto loan(half)                   $7,500  

Credit card balance(half)  $2,000  

Other debts(half)               $4,000  

Funeral cost                          $8,000  

Total Insurance need          $166,500

7 0
3 years ago
Question 3
stiv31 [10]

The next step which <em>Heather should take </em>after she has gotten a fraudulent call asking for her <em>credit card details</em> is to hang up and call her credit card company using the 1-800 number on the back of her card to inquire  about the issue or report the <em>attempted phone fraud.</em>

<em />

As a result of this, we can see that Heather was a target of an attempted phone fraud where a caller asks her to give her 16-digit credit card details so that the supposed error could be cleared up.

It is worth noting that this information <em>can be used to steal money </em>from her checking account and Heather would best not give out such sensitive details over the phone, but call the company to see if the call is really from them.

Therefore, the correct answer is option C

Read more about phone fraud here:

brainly.com/question/8969110

6 0
2 years ago
Your company's human resource manager is away from the office on vacation, and you have four open positions to fill in your depa
DaniilM [7]

Answer:

An interview

Explanation:

  • Job interviewing is one of the most common methods companies use to recruit new candidates. The interview involves a conversation between prospective candidates and recruiting firm members, usually one candidate at a time.
  • However, there may be one or more members of the interview panel. Through the interview, the candidate's communication skills can be tested as there is an interaction between the interviewer and the interviewer
5 0
4 years ago
Sheffield Corp. produces three versions of baseball bats: wood, aluminum, and hard rubber. A condensed segmented income statemen
nekit [7.7K]

Answer:

The correct answer is D.

Explanation:

Giving the following information:

Sales=$775000

Variable expenses= 523000

Contribution margin= 252000

Fixed expenses= 132000

Net income= $120000

Hard Rubber:

Sales=$65000

Variable expenses=58000

Contribution margin= 7000

Fixed expenses= 22000

Net income= -15000

New net income= 120,000 + 15,000 - 22,000= 113,000

6 0
3 years ago
Whispering Winds Corporation owns equipment that cost $64,800 when purchased on April 1, 2013. Depreciation has been recorded at
Aleonysh [2.5K]

Answer:

(a) update depreciation for 2018

Debit ; Depreciation $10,800

Credit Accumulated Depreciation  $10,800

(b) record the sale

Debit : Cash $12,960

Debit : Accumulated Depreciation $62,100

Credit : Profit and Loss $10,260

Credit : Equipment at Cost $64,800

Explanation:

(a) update depreciation for 2018

Recognize deprecation

(b) record the sale

Recognize proceeds from sale and profit or loss from sale

7 0
3 years ago
Other questions:
  • Suppose the real rate is 2.5 percent and the inflation rate is 4.1 percent. what rate would you expect to see on a treasury bill
    13·1 answer
  • One of the other employees in your department department did not show up for work he will not be coming in today no one will be
    6·2 answers
  • Domestic telecommunication companies in the United States are struggling due to foreign competition. How can the US government h
    14·1 answer
  • fficiency wages, minimum-wage laws, and unions all keep wages a. below the equilibrium level, causing a shortage of labor. b. be
    13·1 answer
  • Brainliest + points<br><br> What is bond investment?
    6·1 answer
  • What are the necessary capital investments for starting a free-range poultry farm?
    12·1 answer
  • When a business does not generate enough revenue to cover salaries, rent, and other expenses, it incurs a _____.
    12·1 answer
  • The unadjusted trial balance for Sheffield Corp. is shown below.
    5·1 answer
  • Item13 Time Remaining 45 minutes 57 seconds00:45:57 Item 13 Time Remaining 45 minutes 57 seconds00:45:57 The world's largest man
    14·1 answer
  • After a period when prices have been rising rapidly, the Federal Reserve tightens credit and over a period of 2 years, the infla
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!