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kobusy [5.1K]
3 years ago
8

Suppose you owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or

1% per month), how many years would it take to eliminate your credit card debt if you made no additional new charges? Less than 5 years Between 5 and 10 years Between 10 and 15 years Never, you will continue to be in debt
Business
1 answer:
lianna [129]3 years ago
3 0

Answer:

Never, you will continue to be in debt

Explanation:

the interest per month are 1% of the unpaid amount:

3,000 x 1% = 30 interest per month

the minimum payment is 30 dollars

Therefore, by doing the minimum payment we are just coering the interest generated per month we are not doing any amortization on the principal Hence we cannot repay the debt.

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Amelie received an email that claimed to be from a Nigerian prince who needed help setting up
Aleksandr-060686 [28]

Answer:

Explanation:

Spam

8 0
3 years ago
Billy Baroo Company uses a job order cost system. The following information was found in the Work-in-Process account for the mon
Ksivusya [100]

Answer:

$37,700

Explanation:

Ending balance in WIP = 13,500 + 41,000 + 58,000 + 32,800 - 86,000

Ending balance in WIP = $59,300

Direct material charged to Job #23 = $59,300 - $12,000 - ($12,000*80%)

Direct material charged to Job #23 = $59,300 - $12,000 - $9,600

Direct material charged to Job #23 = $37,700

3 0
3 years ago
Riverboat Adventures pays $330,000 plus $11,000 in closing costs to purchase real estate. The real estate consists of land appra
sesenic [268]

Answer:

$112,530

Explanation:

Cost Allocated to Building = ($330,000 + $11,000) × [$115,500/($115,500 + $49,000 + $185,500)] = $112,530

4 0
3 years ago
On January 1, Year 1, Maverick Company sold bonds that pay interest semiannually on June 30 and December 31. Maverick has a fisc
Fiesta28 [93]

Answer:

$3,003

Explanation:

Interest expense = Effective interest for first interest period × Period of time covered by adjusting entry.

Therefore:

Interest expense = $9,009 × 2/6 = $3,003

The adjusting entry will record interest for the two-month period conservatively which includes January and February, Year 1 in which It will include a debit to Interest Expense in the amount of $3,003.

Hence,

Dr Interest Expenses $3,003

The amount of interest expense that should be accrued by Maverick in an adjusting entry dated February 28, Year 1 is

$3,003

5 0
3 years ago
Which of the following is NOT an element of organizational structure? A) Well-articulated mission, vision, and value statements.
alekssr [168]

Answer:

A) Well-articulated mission, vision, and value statements.

Explanation:

An organizational structure can be defined as a system that states how business activities such as standard rules, task allocation or roles of employees, coordination, responsibilities and supervision of these activities are directed so as to enhance the achievement of the goals, aims and objectives of the organization.

Simply stated, an organizational structure usually defines a hierarchy, which is used to determine how information, roles and responsibilities flow from one level to another in an organization. Generally, the flow of information are usually from top to bottom.

Furthermore, the organizational structure can be divided into four (4) distinct categories and these are;

1. Matrix organizational structure.

2. Functional organizational structure.

3. Divisional organizational structure.

4. Flat organizational structure.

The following are the elements of organizational structure;

A. Formal reporting relationships. This is enhanced by assigning a hierarchy, where informations are reported to the right individual and in a timely manner as well.

B. Grouping together of individuals into departments. This is to increase the level of output and enhance building good, coordinated development through division of labor.

C. Systems designed to ensure effective communication.

<em>Hence, a well-articulated mission, vision, and value statements isn't an element of organizational structure. It could be regarded as an organization's center of gravity. </em>

3 0
3 years ago
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