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Harrizon [31]
3 years ago
6

Shelly Sanders gets a loan for $3,000 and repays the loan in 12 monthly payments of $258 per month. Under the APR formula, what

is the amount of interest included in her first payment?
Business
2 answers:
posledela3 years ago
6 0

Answer:

$8

Explanation:

Annual percentage rate (APR) is the annual rate charged for borrowing a loan.APR does not take into account compounding of interest.

Workings

Loan amount: $3,000

Repayment period : 12 months

Monthly repayment : $258

Total repayment value : $258*12=$3096

Interest Value : $3000-$3096 = $96

APR : 96/3000*100 = 3.2%

1st month interest = 3.2% * 3000/12 = $8

alexandr402 [8]3 years ago
4 0

Answer: $8

Explanation:

Total loan is $3,000

Monthly instalments of $258

Tenor of 12 months

Total interest paid on loan = $258 x 12= $3,096

Interest = $3,096 - $3,000 = $96

Apr = $96/$3000= 0.032

= 0.032 x 100

= 3.2% annual rate

= 3000 x 3.2%

= 96/12 = $8

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Efficiency-wage theory suggests that paying: a) high wages might be profitable because they lower the efficiency of a firm’s wor
Alona [7]

Answer: b - high wages might be profitable because they raise the efficiency of a firm’s workers

Explanation:

The efficiency wage theory suggests that increasing wages increases labour productivity which can increase profitability of the firm.

High wages increases the retention rate of labour and their productivity.

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3 years ago
If you charge/plug in your phone on a Xbox will the stuff in ur camera roll on your phone be on/in the Xbox???
Ronch [10]

Answer:

No.

Explanation:

You said if you <em>charge</em>, so it will only charge your phone. You aren't able to upload photos directly to an Xbox.

Although, if you are pc, you can upload a custom gamerpic easily.

(An example would be a gamerpic, you need the app in order to have a custom gamerpic because it accesses your files).

5 0
3 years ago
Read 2 more answers
Any point inside a production possibilities curve indicates: Select one: a. unemployment and/or inefficiency. b. that the law of
MaRussiya [10]

Answer:

The answer is A. unemployment and/or inefficiency

Explanation:

Production Possibility Curve  is also known as production–possibility frontier is a curve that shows different ways in which two goods can be produced with a given resource and or technology.

Since resources are scarce, a choice has to be made between the alternative goods that can be produced. So there must be a choice f what to produce and how much to produce. If one resource is chosen, less of the other will be produced.

Any point inside a production possibilities curve indicates unemployment and/or inefficiency

A point outside the production possibilities curve is not possible

4 0
4 years ago
Harper Company lends Hewell Company $40,000 on March 1, accepting a four-month, 6% interest note. Harper Company prepares financ
igor_vitrenko [27]

Answer:

Option (c) is correct.

Explanation:

Given that,

Harper Company lends Hewell Company = $40,000

on March 1,

Accepting a four-month, 6% interest note.

The adjusting entry by the company would be related to interest for 1 month in the month of march:

Interest accrued would be:

=Lending\ amount\times\ interest\ rate\times time\ period

=40,000\times 0.06\times \frac{1}{12}

= $200

Therefore entry for interest receivable would be:

Interest Receivable A/c   Dr.    $200

To Interest revenue                              $200

7 0
3 years ago
John Jansen, an employee of Redwood Company, had gross earnings for the month of May of $4,000. FICA taxes are 7.65% of gross ea
Anastasy [175]

Answer:

The net pay for John Jansen is $2894

Explanation:

For calculating the net pay for John Jansen we have to subtract all the FICA taxes and federal income taxes and also state income taxes, with authorized voluntary deductions also being subtracted from the gross earnings .

Given information -          Gross earning                         = $4000

                                         FICA taxes                                = 7.65%

                                         Federal income taxes               = $675

                                         State income taxes                    = 3%

                                       Authorized voluntary deductions = $5

One important to remember here is that FICA taxes and State taxes would be calculated on the gross earnings of John

FICA taxes = 7.65% of $4000

                  = .0765 x $4000

                  = $306

State taxes = 3% of $4000

                   = .03 x $4000

                   = $120

NET PAY = gross earnings - FICA tax - state tax - federal income tax -

                                                         authorized voluntary deduction

   = $4000 - $306 - $120 - $675 - $5

   = $2894

 

7 0
4 years ago
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