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Mila [183]
3 years ago
11

Timothy Carter went out to eat with his girlfriend at a fancy restaurant. When he tried to pay the bill with his Mastercard cred

it card, he was told that the restaurant accepted only cash or American Express. His waiter suggested that he use the ATM across the street to withdraw cash using his credit card. Tim did as suggested and didn't pay attention to any fees until he received his credit card statement one month later. He was shocked to see the total fees (3.5% cash advance), and his APR was increased to 20.0%. Given the cost of the meal ($180) plus the associated fees, how much did his meal cost him
Business
1 answer:
True [87]3 years ago
8 0

Answer:

His meal cost him  $ 189.306

Explanation:

APR  = 20%  = 0.2

APR charged per month = 0.2 / 12  = 0.0167  

cash advance = 3.5 %  = 0.035

cost of meal = $ 180

calculation of interest fees = $ 180*0.0167 = $ 3.006

Fees paid for cash advance =$ 180 * 0.035 = $ 6.3

Total cost of meal = Normal meal cost + Interest fees +Cash advance fees

total cost of meal = $180 + $3.006 + $6.3 = $ 189.306

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Elan Coil [88]

Answer:

$4230 is the correct answer to the given question .

Explanation:

As Mention in the question the sales revenue to the dishwashers = $94,000

Also the company estimated  warranty expense cost is =4.5% of revenues,

Now the estimated warranty payable can be determined by the following formula  

Annual\  sales\  revenue\ for \ the \  dishwashers\ * warranty\  expense\  revenues.

 = \ 94000\ * \ 4.5\ % \ of \  revenues

== $4230

                                             

6 0
3 years ago
The crowding-out effect refers to the possibility that:
Natalka [10]

Answer:

a. a deficit, financed by borrowing in the capital markets, will increase the interest rate and reduce investment in the private sector.

Explanation:

Crowding out effect is when government borrowing from the capital markets leads to an increase in interest rate. this makes it more expensive for private sector to borrow and this reduces investment by private sector

6 0
3 years ago
Change from the fair value method to the equity method Assume an investor company acquires for $256,000 an 8% investment in the
matrenka [14]

Answer:

Date         Account title and explanation      Debit        Credit

March 1    Equity investment                          $32,000

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                       Unrealized holding gain                             $32,000

               (To adjust the value of equity investment)

Note: On 1 march, value of the investment value is increased which is unrealized based on 31 December fair value

6 0
3 years ago
Canon began as a camera-making company but has since become a company that produces a wide range of office equipment in addition
UkoKoshka [18]

Answer:

Canon’s managers  believe in Diversity growth.

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5 0
3 years ago
In the market for reserves, if the federal funds rate is between the discount rate and the interest rate paid on excess reserves
almond37 [142]

Answer:

Increases; Rise

Explanation:

In the market for reserves, if the federal funds rate is between the discount rate and the interest rate paid on excess reserves, an increase in the reserve requirement increases the demand of reserves and causes the federal funds interest rate to rise, everything else held constant.

4 0
3 years ago
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