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Dmitry_Shevchenko [17]
3 years ago
5

Which of the following tells you how much your credit card interest will be if you only pay the minimum balance each month?A) La

te feeB) Annual membership feeC) Balance transfer feeD) Annual Percentage Rate
Business
1 answer:
kati45 [8]3 years ago
4 0

Answer:

D) Annual Percentage Rate

Explanation:

The APR is often expressed as the percentage (%). The annual percentage rate (APR) is an attempt to calculate the principal debt you pay during the period (in this year) by taking into account every installment, prepayment, and so on. Annual Interest Rate (APR) is an annual rate for borrowing or investing. APR is expressed as a percentage of the actual annual value of the loan over the term of the loan. This includes any transaction fees or overhead, but is not taken into account significantly. Because loans or loan agreements can vary in terms of interest rates, operating fees, late penalties and other factors, a standard computation such as APR provides borrowers with a bottom line that they can easily compare with interest rates charged by other lenders.

Late fees, also known as overdue fines, late fines, or overdue fees, are charges that a company or organization has not paid a debt on time or has leased or repaid a loan. Late payments are usually calculated on a per-item basis.

Annual Membership Fee means an annual membership fee or similar payment in connection with a Credit Card Agreement. Annual payments are one of the most common of all credit card fees. It is your provider's right to automatically charge your account once a year for the benefits that come with this credit card.

The balance transfer fee is a charge which charged when you transfer a credit card debt from one card to another. Balance transfer fees are common for credit cards offering low entry interest rates. Consumers considering a balance transfer should calculate the total cost of the current debt over time, without accepting a proposal and paying it off.

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Chuck has $2,500 invested in a bank that pays 4% annually. The length of time it will take for his funds to double is closest to
Arada [10]

Answer:

The answer is 17.67 years.

Explanation:

Present value is $2,500

Future value of the money to be double of the present value. This means the future value will be $5,000($2,500 x 2)

Interest rate is 4%

Number of years or periods to reach this $5,000 is unknown. So we are looking for this.

To compute this number of periods, lets use Financial calculator.

I/Y = 4; PV= -2,500; FV= 5,000; CPT N= 17.67 years.

Therefore, the number of years to accumulate to $5,000 is 17.67 years

7 0
3 years ago
On October 1, Willette Company borrowed $120,000 cash and issued a six-month, 10% promissory note. Interest is payable at maturi
viktelen [127]

Answer:

Cash borrowed = $120,000

Interest on promissory note = 10%

The journal entry is as follows:

On December 31,

Interest expense A/c Dr.  $3,000.00

           To Interest payable                   $3,000.00

(To record interest accrued on note)

Working notes:

Interest expense:

= $120,000 × 10% × (3/12)

= $120,000 × 0.1 × (1/4)

= $3,000

3 0
3 years ago
During a recent​ month, Company planned to provide cleaning services to customers for per hour. Each job was expected to take ho
givi [52]

Answer: B.  $1,050  more than expected.

Explanation:

The company originally planned to have revenue resulting from 30 customers and charging $30 for an estimated 33 hours.

Estimated revenue was;

= 30 * 30 * 3

= $2,700

However, in actuality, they sold to 20 more customers than estimated but only spent 2.5 hours each.

Number of customers = 30 + 20

= 50 customers

Actual revenue

= 50 * 30 * 2.5

= $3,750

Difference is;

= 3,750 - 2,700

= $1,050 more

7 0
3 years ago
Consider a business cycle theory that combines the classical âIS-LM model with the assumption that temporary changes in governme
docker41 [41]

Answer: The answer is given below

Explanation:

The IS-LM model, simply is an acronym which represents "investment-savings" and the "liquidity preference of money supply". The model indicates the interaction between market for economic goods and the loanable funds market which is also called the money market.

The variables are explained below:

a. Employment: A rise in the spending expenditure will result into an increase in the current or future taxes which will have an effect on the workers by making them poorer and therefore making them offer their services to the labor market. This will lead to a rise in labor supply.

b. The real wage: Due to the increase in labor supply, the real wage will reduce because the supply of labor will be more than the demand.

c. Average labor productivity: The marginal productivity of labor or production function is not influenced by fiscal policy changes.

d. Investment: There will be a leftward upward shift of the LM curve. Due to increase in price of goods and services, and the fall in real money supply, the interest rate will rise therefore making investment to reduce.

e. The price level: Demand for output is more than the full employment level of output. This will bring about increase in price.

5 0
3 years ago
The following partially completed process cost summary describes the July production activities of the Molding department at Ash
erma4kov [3.2K]

Answer:

1. Total costs to account for $ 794,190

2.Total units to account for 43,500

Total units accounted for 43,500

3.Total Equivalent units of production

Material 40,000

Conversion 41,200

4.Cost per EUP

Material $ 12

Conversion $ 6.6

5. COST ASSIGNMENT AND RECONCILIATION

Total costs accounted for $794,190

Explanation:

Preparation of its process cost summary using the FIFO method.

1. Costs Charged to Production:

Costs of beginning work in process:

Direct materials $ 37,650

Conversion $ 4,620

$ 42,270

Costs incurred this period:

Direct materials $ 480,000

Conversion $ 271,920

$ 751,920

Total costs to account for $ 794,190

(751,920+42,270)

2 . UNITS COST INFORMATION

Units to ACCOUNT FOR

Beginning work in process 3,500

Units started this period 40,000

Total units to account for 43,500

Units ACCOUNTED FOR

Completed & transferred out 39,500

Ending work in process 4,000

Total units accounted for 43,500

3. DIRECT MATERIAL

Equivalent units of production:

Units to complete beginning WIP:

Direct materials 3,500*0% 0

Units started and completed

Direct materials (39,500-3,500) 36,000 Units of ending work in process:

Direct materials 4,000

Total Equivalent units of production 40,000

(36,000+4,000)

CONVERSION

Equivalent units of production:

Units to complete beginning WIP:

Conversion 3,500*80% 2,800

Units started and completed

Conversion (39,500-3,500) 36,000

Units of ending work in process:

Conversion 2,400

Total Equivalent units of production 41,200

(2,800+36,000+2,400)

4. Direct Materials Conversion

COST PER EUP

Costs incurred this period

$ 480 000 $ 271,920

÷EUP (from prior page)

40,000 41,200

=Cost per EUP $ 12 $ 6.6

5. COST ASSIGNMENT AND RECONCILIATION

Costs transferred out:

Cost of beginning work in process $ 42,270

Cost to complete beginning work in process:

Direct materials (0 EUP x $12 per EUP) $0

Conversion (2,800 EUP x $6.60 per EUP) $ 18,480

Total $18,480

Costs of units started and completed this period:

Direct materials (36,000 EUP x $12 per EUP) $ 432,000

Conversion (36,000 EUP x $6.60 per EUP) $ 237,600 $ Total $669,600

Total cost of work finished this period $ 688,080

( 669,600+ 18,480)

Costs of ending work in process:

Direct materials (4,000 EUP x $12 per EUP) $ 48,000

Conversion (2,400 EUP x $6.60 per EUP) $ 15,840 $ Total $63,840

Total costs accounted for $794,190

(42,270$ 688,080+63,840)

7 0
3 years ago
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