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Max's Kennels spent $220,000 to refurbish its current facility. The firm borrowed 60 percent of the refurbishment cost at 5.95 p

d1i1m1o1n [39]

Answer:

The monthly payment is $2184.52

Explanation:

Given

$Total\ Amount\ Spent\ = $220,000$

$Amount\ Borrowed = 60\%$

$Rate = 5.95\%$

$Duration = 6\ years$

Required

$Monthly\ Payment$

Firstly, the loan amount has to be calculated

The Question says; of the total amount spent, only 60% was borrowed;

So;

$Loan = 60\%\ of\ 220,000$

$Loan = 132,000$

The monthly payment can then be calculated using the following formula

$Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}$

Where P = Loan Amount = 132,000

r = rate of payment = 5.95% = 0.0595

n = duration (in month)

n = 6 years

n = 6 * 12 months

n = 72 months;

Substitute the above parameters in the formula;

$Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}$ becomes

$Amount = 132,000 * \frac{0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(\frac{12.0595}{12})^{72}}{(\frac{12.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(1.0049583)^{72}}{(1.0049583)^{72} - 1}$

$Amount = 654.5 * \frac{1.42777239524}{1.42777239524 - 1}$

$Amount = 654.5 * \frac{1.42777239524}{0.42777239524}$

$Amount = 2184.51925155$

$Amount = 2184.52\ (Approximated)$

<em>Hence, the monthly payment is $2184.52</em>

7 0

3 years ago

Based on guidelines established by the accounting manager, Jaime, the accounts payable clerk, makes payments to vendors in order

sergeinik [125]

Answer:

Programmed.

Explanation:

This is a form of decision that is has been made or is been made by as manager just like Jaime the account managing clerk which is repetitive or occurs steadily and over and over. The fact that it happens this steadily makes it a programmed decision.

This decision making are always taken in accordance with some establishment habit, regulations or procedures while the nature of problem that requires a non programmed decision is unstructured and something different. It needs a higher management participation.

In programmed decision making, there could likely be no error in the decisions because it is a routine and managers usually have the information they need to create rules and guidelines to be followed by others.

5 0

3 years ago

Ernest is 42 years old and has been out of work for two months. he lost his position as a program manager when his company merge

jok3333 [9.3K]

<span>Ernest is experiencing the effects of loss of status following the termination.
Once he lost his job, where he was respected as a good worker, he lost that status as well. Now, he is unemployed, and even though he has enough money to sustain himself, he isn't considered part of the workforce anymore, which obviously depressed him a bit, even though he doesn't know it yet.</span>

3 0

3 years ago

Effect of Inventory Errors During the taking of its physical inventory on December 31, 20Y3, Sellers Company incorrectly counted

Illusion [34]

Answer:

Cost of goods sold = overstated : $24,265

Current assets = understated : $24,265

Gross profit = understated : $24,265

Inventory = understated : $24,265

Net income = understated : $24,265

Stockholders' equity = understated : $24,265

Total assets = understated : $24,265

Explanation:

Inventory was understated by $24,265 ($327,560 - $303,295). Since inventory is an Asset, also it is a Income Statement element and consequently affects Retained Earnings (Distributions to Shareholders) , the effect is shown above.

3 0

3 years ago

Marketing cannot be successful if the product is not what the customer wants or if the quality is low.

makvit [3.9K]

The answer it true.

8 0

4 years ago