Answer:
B. The total interest = $4.35
Explanation:
The first question to answer, is what is the present value of the annuity of the loan and then based on that the total interest can be calculated.
<h2>Present value of annuity= A x [(1-(1+r)-n)/r]*(1+r) </h2>
Where the A represents Annuity = or $20
The r represents the rate or 1.5%
and the n represents the number of periods which is 6 months
Calculating the value =
= 20 x [(1-1.015^-6)/0.015]*1.015
= 20 x [(1-0.91454219251)/0.015]*1.015
= 20*5.782644973
=$115.65
Now that the loan amount is known, the Total Interest can be calculated as follows
Total Interest= number of payments x monthly payments) - the loan amount (calculated above)
= 20 x 6 -115.65
= 120-115.65
The total interest = $4.35
Alex's country was once communist, but now allows limited private ownership of companies, and lets market forces determine production and pricing decision is the kind of 'Market Socialist' economy.
Market socialism, sometimes known as liberal socialism, is an economic system that strikes a balance between free enterprise and socialist planning. In this system, businesses are publicly owned, but output and consumption are determined by the market rather than by governmental planning.
In real life, Market socialism components have been present in a number of different economies. A version of market-based socialism, based on socially owned cooperatives, workers' self-management, and market allocation of capital, is usually regarded as having existed in the former Socialist Federal Republic of Yugoslavia.
To learn more about Communist
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Answer:
D) Materiality is a matter of professional judgement
Explanation:
Opportunity based decision making
