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jarptica [38.1K]
3 years ago
14

Stonehall Inc. recently borrowed $685,000 from its bank at a simple interest rate of 10 percent. The loan is for eight months an

d, according to the loan agreement, the interest should be added to the amount borrowed and the total amount will be repaid in monthly installments. The loan's annual percentage rate (APR) is:________
a. 20.00%
b.18.25%
c. 15.05%
d. 13.33%
Business
1 answer:
jeyben [28]3 years ago
5 0

Answer:

a. 20.00%  

Explanation:

Monthly loan payment

= (685000*10%*8/12 + 685000)/8

= $91,333.33

PV = -685000

Nper = 8

Using RATE function

= RATE(8,91333.33,-685000,0)*12

= 20%

Therefore, The loan's annual percentage rate (APR) is 20%.

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(a) On July 1, Lopez Company paid $2,300 for six months of insurance coverage. No adjustments have been made to the Prepaid Insu
Nat2105 [25]

Explanation:

The adjusting entries are as follows

1.  Insurance expense A/c Dr $2,300

                    To Prepaid insurance A/c $2,300

(Being the insurance expense is recorded)

The computation is shown below:

= $2,300 ÷ 6 months × 6 months

= $2,300

2.  Supplies expense A/c Dr $8,950

                 To Supplies A/c $8,950

(Being supplies account is adjusted)

The supplies expense is computed by

= Supplies opening balance + purchase made - supplies on hand

= $7,200 + $3,100 - $1,350

= $8,950

8 0
3 years ago
In what kind of economy does the government decide on production and consumption?
777dan777 [17]
A proper economy, called a planned economy.
4 0
3 years ago
) A corporation acquires new funds only when its securities are sold in the
xeze [42]

Answer:

(a) in the primary market by an investment bank.

<u>Multiple -choice options</u>

(a) in the primary market by an investment bank.

(b) in the primary market by a stock exchange broker.

(c) in the secondary market by a securities dealer.

(d) in the secondary market by a commercial bank.

Explanation:

The securities exchange has both primary markets and secondary markets. The primary market deals with new shares or securities that corporations offer to investors. Once the securities have been issued, they become available for trading at the secondary market.

If a corporation wishes to raise additional funds, it issues new shares to investors. It contracts an investment banker who assists in planning, organizing, and facilitating the entire process. Since the corporation is offering new shares, they are issued in the primary market.

4 0
3 years ago
The interquartile range is used as a measure of variability to overcome what difficulty of the range
miskamm [114]
The range can be affected by outliers, so the IQR (interquartile range) is used as a better scope of the range. 
5 0
3 years ago
The demand and supply curves are given by q=110−2p and q=3p−50, respectively; the equilibrium price is $32 and the equilibrium q
DaniilM [7]

Answer:

  1. The Demand is given by q^d=110-2p^d(1.07)
  2. The supply curve is by q^s=3p^s-50

Consumers will face a price of 33.29 and the equilibrium quantity will be 43.42.

These results illustrate that as a consequence of the tax, the price faced by consumers will be higher, quantity sold be lower, and producers will receive less for their product sale.

Explanation:

  1. The Demand is given by q^d=110-2p^d
  2. The supply curve is by q^s=3p^s-50

In the absence of taxes p^s=p^d and q^s=q^d.

An ad-valorem tax t=0.07 generates now that

p^s=p^d(1+t)

So the new equilibrium is

110-2p(1.07)=3p-50

110+50=5.14p

p^s=31.12

p^d=33.29

Replacing in the demand equation we get the equilibrium quantity

q=43.42

4 0
4 years ago
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