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RUDIKE [14]
3 years ago
13

Tony borrows $1300 at an annual interest rate of 6.0%. He receives the loan on the first day of the current month and will make

monthly payments on the first day of each of the following months until the loan is repaid after 24 months (2-year loan). The monthly loan payment is $57.62. How much interest will Tony pay as part of the first loan payment?
Business
1 answer:
Vladimir [108]3 years ago
4 0

Answer:

Tony will pay interest of $6.50 as part of the first loan payment.

Explanation:

Amount of Loan = $1300

Annual Interest  = 6%

Monthly interest rate = 6% / 12 = 0.5%

Monthly Loan Payment = $57.62

Monthly installment is compromised of the interest payment on the due balance and the principal payment.

Interest payment in first installment = $1300 x 0.5%

Interest payment in first installment = $6.50

Principal portion of first installment = $57.62 - $6.50

Principal portion of first installment = $51.12

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Andy Basil Industries Inc. reported the following information about the production and sale of its only product during the first
grandymaker [24]

Answer:

Cost of Goods Sold = $ 400,000

Explanation:

Units Sold = $360,000/ $225= 1600

Sales ​                                                                  $360,000

Direct materials ​$176,000

Direct labor ​$100,000

Variable factory overhead ​$44,000

Fixed factory overhead ​$80,000

Total Manufacturing Costs   $ 400,000

Variable selling and administrative expenses ​$20,000

Fixed selling and administrative expenses ​$10,000

Cost of Goods Sold = $ 400,000

As ending Inventory Finished Goods is 400 units it is not included in the Cost of Goods Sold.

3 0
3 years ago
Pepsi Cola has entered into a long-term contract with a South African beverage business. The contract calls for the South Africa
Helen [10]

Answer:

<u>Licensing </u> is the correct answer.

Explanation:

Licensing is defined as a trade agreement between a company that gives another company authorization to manufacture its product by contract and payment of royalties for the use of the right to use the trademark.

Companies generally license: design, patents, trademarks, copyrights and others whose purpose is to assist in increasing profitability and expanding business.

Despite being a very profitable strategy worldwide, product licensing is not crucial to a company's success, despite the ease of marketing a product or brand already consolidated and valued by the consumer, it is necessary to ensure compliance in production processes. and focus on marketing and sales.

8 0
3 years ago
A monopolistically competitive industry is characterized by a. many firms selling products that are similar but not identical. b
UNO [17]

Answer:

A monopolistically competitive industry is characterized by

a. many firms selling products that are similar but not identical.

Explanation:

A monopolistic competition is a form of imperfect competition with many firms operating in the industry.  For such an industry, the goods or services are differentiated, such that one firm's goods or services can easily be associated with the producer.  This is mostly achieved through branding and the use of trademarks.  Each firm, therefore, competes with many other competitors, but they limit their competition by differentiating their products so that consumers would have preference for one against the other, depending on their perceived value.

7 0
3 years ago
M7-7 to M7-9 Calculating Cost of Goods Available for Sale, Ending Inventory, Sales, Cost of Goods Sold, and Gross Profit under P
zvonat [6]

Answer:

Date          Units                       Unit Cost            Unit Selling Price

July 1 Beginning Inventory 50    $ 10

July 13 Purchase      250                 13

July 25 Sold (100 )                                                                  $ 15

July 31 Ending Inventory 200

Cost of Goods Available for sale= 250 units at $  13+   50 units at   $ 10

= 3250 + 500= $3750

FIFO Ending Inventory $ 2600

200 units at $ 13= $ 2600

Sales 100At $ 15= $1500

FIFO Cost Of Goods Sold  $ 1150

50 units at $ 10= $ 500

50 units at $ 13= $ 650

LIFO Ending Inventory $ 2450

50 units at $ 10= $ 500

150 units at $ 13= $ 1950

Sales 100 at $ 15= $1500

LIFO Cost Of Goods Sold  $ 1150= Cost of Goods Available for Sale Less LIFO Ending Inventory = 3750- 2450= $ 1300

100 units at $ 13= $ 1300

Weighted Average Ending Inventory 12.5 * 200= $ 2500

Total Cost/ total units= 3750/300= 12.5

Weighted Average  Cost Of Goods Sold  $ 1150= Cost of Goods Available for Sale Less Weighted Average  Ending Inventory = 3750- 2500= $ 1250

Weighted Gross Profit= Sales Less Weighted Cost Of Goods Sold= $ 1500- $ 1250= $ 250

7 0
3 years ago
Which loan type requires you to make loan payments while you’re attending school?
suter [353]
A Student Loan is the answer.
4 0
3 years ago
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