He must pay back 20268.32 of amount after borrowing 16000 for 8 years at the interest rate of 3% for one year.
<h3>How to calculate loan amount ?</h3>
- The term "Loan Amount" refers to the sum of money we currently owe you for this mortgage. The loan amount may also include other fees, interest , defaulted payments, interest on defaulted payments, principal, and interest on unpaid principal.
- The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate. The total interest on a loaned or borrowed sum is determined by the principal amount.
Amount he borrowed = 16000
No. of years = 8 years
Rate of interest = 3%
Calculate full amount (A) :
Equation for A = P(1 + r/n)^(nt)
A = 16000(1 + .03)^8
A = 20268.32
He need to pay 20268.32 after 8 years.
To learn more about Loan amount refer :
brainly.com/question/26011426
#SPJ4
Answer:
What is BAD DEBT EXPENSE for THIS year?
4000
Explanation:
Aging
Current 20000 2% 400
1-30 50000 4% 2000
31-60 30000 7% 2100
Over 60 10000 25% 2500
7000
Allowance bad debts 3000
Expense 4000
Answer:
Pine Street should sell finished bookcases because they have a higher contribution margin.
Explanation:
We compare the contribution margin of the two categories to find out whether Pine Street should sell unfinished or finished bookcases.
Pine Street Inc.
Unfinished bookcases
Contribution Margin
Sales Price $58.10
Less Production costs
Variable Costs $37.49
<u>Fixed Costs $10.50 (47.99)</u>
<u>Contribution Margin $ 10.11</u>
Pine Street should sell finished bookcases because they have a higher contribution margin. It is almost double of the unfinished book cases contribution margin.
Pine Street Inc.
Finished bookcases
CONTRIBUTION MARGIN
Sales Price $74.91
Less Production costs
Variable Costs $37.49 + $5.79 = $ 43.28
<u>Fixed Costs $10.50 $ (53.78)</u>
<u>Contribution Margin $ 21.13</u>
