1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
d1i1m1o1n [39]
3 years ago
12

Another bank is also offering favorable terms, so Raphael decides to take a loan of $15,000 from this bank. He signs the loan co

ntract at 13.00% compounded daily for three months. Based on a 365-day year, what is the total amount that Raphael owes the bank at the end of the loan’s term? (Hint: To calculate the number of days, divide the number of months by 12 and multiply by 365.)
Business
1 answer:
Colt1911 [192]3 years ago
5 0

Answer:

$15,495.41

Explanation:

Given that,

Loan amount = $15,000

Annual Interest rate = 13%

Daily interest rate = Annual Interest rate ÷ 365

                              = 13% ÷ 365

                              = 0.035616%

Period of loan = 3 months

Number of days:

= 365 × (3 ÷ 12)

= 91.25 days

Total amount that Raphael owes the bank at the end of the loan’s term:

= P(1 + r)^n

= 15,000 × (1 + 0.035616%)^91.25

= 15,000 × (1.00035616)^91.25

= 15,000 × 1.0330275

= $15,495.41

You might be interested in
Loretta Bolero wants to run for office but cannot devote more than two years to the job. What office do you suggest that Loretta
MAVERICK [17]
A vacant senant seat so A

7 0
3 years ago
Read 2 more answers
Question(2 points) Consider the following balance sheet for the Wahoo Bank. Use it to answer the two questions that follow. Use
lidiya [134]

Answer:

C. Required reserves decrease by $20.

D. Outstanding liabilities decrease by $200.

A. Required reserves increase by $65.00.

D. Outstanding liabilities increase by $650.

Explanation:

<u>PART I:</u><u> The withdrawal from the checking accounts:</u>

makes the required reserves to decrease as there is less cash deposists.

Also, the bank no longer has the obligation to give this 200 dollars to Shantee thus, otstanding liabilities decrease by 200 as well:

checking deposits 200 debit

               cash                            200 credit

<u>PART II:</u><u> Deposit in a checking account</u>

This is the opposite. The bank reserve must increase by 10% of the deposit

650 x 10% = 65

And the outstanding liaiblities increase by the full amount as later the bank will give back 650 dollars to Dalon in the future.

3 0
2 years ago
Beginning at point d if you were planning to purchase the good next week and the price would triple what new point would you mov
monitta

Answer:

Whazup

Explanation:

7 0
2 years ago
swenson Saws produces bows, frame, dovetail, and tenon saws used by craft furniture makers. During an 8-hour shift, a saw is pro
RUDIKE [14]

Answer:

Given: Total shift time = 8 hours = 8 * 60 = 480 minutes

time required for production of one saw = 6 minutes

Demand for Bow saw = Demand for frame saw = Demand for dovetail saw = 1/2 * Demand of Tenon saw

a) Mixed model schedule:

Mixed model schedule

Product no. per batch

Bow Saw 1

Frame Saw 1

Dovetail Saw 1

Tenon Saw 2

Total 5

Therefore 2 Tenon Saw, and each bow, frame, and dovetail saws will be produced before the cycle is repeated.

b) 2 Tenon Saw, 1 bow, 1 frame, and 1 dovetail saws will be produced under production sequence for one unit production.

The length of cycle will be 5*6=30 minutes i.e. the cycle will repeat once in 30 minutes for 8 hours means totally it will repeat 16 times during one shift.

c) Number of saws Swenson produce in one shift = Number of Bow saw Swenson produce in one shift + Number of Frame saw Swenson produce in one shift + Number of Dovetail saw Swenson produce in one shift + Number of Tenon saw Swenson produce in one shift

Explanation:

7 0
2 years ago
Read 2 more answers
Perez Corporation’s computer services department assists two operating departments in using the company’s information system eff
ollegr [7]

Answer:

Production department $440,000

Sales department $143,000

Explanation:

The allocation of the total cost to the operating departments is proportional to the number of employees. In other words, as the number of employees increases, so does the allocated cost and vice versa.

Hence,

Cost allocated to the production department

= 40/(40 + 13) × $583,000

= 40/53 × $583,000

= $440,000

Cost allocated to the sales department

= 13/(40 + 13) × $583,000

= 13/53 × $583,000

= $143,000

3 0
3 years ago
Other questions:
  • Every customer that exited the store was subjected to close scrutiny of their shopping cart and receipt by a highly trained insp
    6·1 answer
  • On July 1 the Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1. Prepaid Rent was increased for t
    6·1 answer
  • What are the features of a corporation? The chief distinguishing factor of a corporation is its . An investor who purchases stoc
    6·2 answers
  • The nations of western europe, israel, japan, and australia fall into which category of countries
    14·1 answer
  • Which principle of design is used to make one element of a design stand out?
    14·2 answers
  • Which value describes the desire to be one’s own boss?
    14·2 answers
  • ​Plowin' Supply plans to make 15000 tractors at its plant. Fixed costs are $ 540000 and variable costs are $ 200 per tractor. Wh
    6·1 answer
  • The following information was taken from the records of Marigold Inc. for the year 2020: Income tax applicable to income from co
    13·1 answer
  • Perry Mazza wants to borrow $40,000 from the bank. The interest rate is 7% and the term is for 5 years.
    14·1 answer
  • Oligopolies exist because of barriers to entry. One of the most important barriers to entry is due to economies of scale. Why is
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!