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Ostrovityanka [42]
3 years ago
12

It will take Cody 3 months to save up enough money to purchase a stereo. He has a credit card with a 12% interest rate. Cody’s f

riend Mark says it will cost Cody less money if he saves for 3 months instead of using the credit card. Is Mark correct?
Business
2 answers:
Alchen [17]3 years ago
6 0

Answer:

Mark is correct.

Explanation:

If Cody saves for three months, he will not incur any other cost apart from the purchase price of the stereo.  Cody may even earn some interest on the savings depending on his type of account.

The use of a credit card is incurring a debt. The credit card debt is usually among the highest in the market. It calculates interests monthly. If Coby purchases the credit card, he will pay three months' interest on the credit.

The savings option will cost less money because it eliminates interest payments.

Rashid [163]3 years ago
4 0

Answer:

Mark is correct.

Credit cards charge interest on unpaid balances.

Paying cash has no interest.      

Explanation:

Just did it on EDG 2020

this is what it asks

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$31,320.00

Explanation:

The formula for accounting rate of return is the annual net cash flow divided by the initial investment.

If the initial investment was $522,000 and the accounting rate of return is computed to be 6% per year, hence the annual increase in cash flow accruing from the investment can be calculated by changing the subject of the formula.

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annual increase in cash flow?

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