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Natalka [10]
3 years ago
14

Billy Thornton borrowed $20,000 at a rate of 7.25%, simple interest, with interest paid at the end of each month. The bank uses

a 360-day year. How much interest would Billy have to pay in a 30-day month
Business
1 answer:
Dmitry [639]3 years ago
5 0

Answer:

Interest for a 30 day month = $120.83

Explanation:

<em>Interest rate rate is the price paid by a borrower for the use of money and the return earned by a lender for postponing his consumption in favour of investment. </em>

Interest is computed in two ways; Simple interest and compound interest

Simple interest: This is the interest paid on the principal invested or borrowed. To calculate simple interest, we use the formula below:

Annual Simple interest= Principal × interest Rate (%) × Time.

Monthly simple interest =Principal ×interest Rate (%)× 30/360

                                   = 20,000 × 7.25% × 30/360= 120.833

Interest for a 30 day month = $120.83

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Diseconomies of scale means that a company is too small to purchase in bulk and is unable to lower costs.
Vinvika [58]

Answer:

Diseconomies of scale are when production output increases with rising marginal costs. ... Fixed costs do not change with increases/decreases in units of production volume, while variable costs are solely dependent, which results in reduced profitability. They show how well a company utilizes its assets to produce profit.

Explanation:

It's true.

3 0
3 years ago
Read 2 more answers
Zhang Industries sells a product for $700 per unit. Unit sales for May were 700 and each month's unit sales are expected to grow
ratelena [41]

Answer: $14594

Explanation:

The budgeted selling expense for the manager for the month ended June 30 will be calculated thus:

The unit sales for June will be:

= [700 × (1 + 3%)]

= 700 × (1 + 0.03)

= 700 × 1.03

= 721 units

Commission will be:

= 2% × (721 × 700)

= $10,094

Therefore, the selling expenses to be reported will be:

= $10,094 + $4500

= $14594

4 0
3 years ago
Suppose there is a simple index of three stocks, stock ABC, stock XYZ, and
ValentinkaMS [17]

Answer: -13.4%

Explanation:

3 0
3 years ago
QS 23-16 Product pricing LO P6 Garcia Co. sells snowboards. Each snowboard requires direct materials of $122, direct labor of $5
anzhelika [568]

Answer:

Selling price= $336.6

Explanation:

Giving the following information:

Variable costs:

direct materials= $122

direct labor= $52

variable overhead= $67

Total unitary variable cost= $241

Total fixed costs= 679,000 + 114,000= $793,000

<u>First, we need to calculate the total unitary cost:</u>

Total unitary cost= (793,000/12,200) + 241

Total unitary cost= $306

<u>Now, the selling price:</u>

Selling price= 306*1.1

Selling price= $336.6

5 0
3 years ago
Harold, a manager, pays close attention to employee productivity and how efficiently his employees are working. Harold can best
dimaraw [331]

Answer:

b. <u>job centered</u>

Explanation:

Leadership refers to a process of influencing the behavior of subordinates towards desired action or performance, which leads to accomplishment of group goals and which is in alignment with organizational goals.

Job centered leaders represent those leaders who minutely supervise the performance of the subordinates with their focus upon employee efficiency w.r.t perfromance of tasks. Such leaders emphasize upon productivity and rely upon rewards and punishments to influence subordinate behavior.

Such leaders follow task and outcome oriented approach and operate within the organizational rules and try and impose compliance to organizational goals and are somewhat rigid.

In the given case, Harold pays close attention to employee productivity and their efficient discharge of tasks and duties. The scenario depicts Harold as a job centered leader.

3 0
3 years ago
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