Given:
Principal, P = 26500
term=5 years
Monthly payment, A = 695
Question: Find interest rate
Solution:
Unless there is a table available, there is no explicit formula to calculate interest. However, the interest rate can be solved for using the formula to calculate the monthly payment, as follows.
Substituting
P=26500
i=monthly interest rate to be found
A=monthly payment=695
n=5*12=60 months
Rearrange to give successive estimates of i by
I(i)=(695/26500)*((1+i)^60-1)/(1+i)^60
Try initial estimate of i=0.02 (2% per month)
I(0.02)=0.0182
I(0.0182)=0.01736
I(0.01736)=0.01689
....
Eventually we get the value to stabilize at i=0.016265, or
Monthly interest =
1.6265% (to four decimal places)
Answer:
confidential health information
Answer:
$14,000
Explanation:
Data provided in the question:
Cost of the equipment sold = $18,000
Accumulated depreciation = $9,000
Gain from the sales of equipment = $5,000
Now,
Proceeds from sale of plant assets = Book value + Gain
also,
Book value = Cost of the equipment - Accumulated depreciation
= $18,000 - $9,000
= $9,000
Therefore,
Proceeds from sale of plant assets = $9,000 + $5,000
= $14,000
Answer: A. deep-seated disparity in the distribution of wealth
Explanation:
Systematic inequality arises when there is a deep-seated difference in how wealth is distributed in an economy system. When looking at it from a global point of view, it is shown with the disparity in income between the first and third world countries.
Systematic inequality on a global scale can largely be attributed to colonialism as most first world nations colonized the rest of the world and took a lot of their resources when doing so. Even today, they engage in neo-colonialist practices that continue to increase the wealth disparity.
Answer:
b. Manufacturing overhead applied to Work in Process for the month was $66,000
Explanation:
In posting the journal entries for a manufacturing company, the total of the amount on the credit side of the Manufacturing Overhead account represents the amount applied to and to be posted to the debit side of the Work in Process to complete the double entries.
Therefore, the correct option form the question is b. Manufacturing overhead applied to Work in Process for the month was $66,000.