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geniusboy [140]
3 years ago
12

A man needed money to buy lawn equipment. He borrowed ​$700.00 for five months and paid ​$53.95 in interest. What was the rate o

f​ interest?
Business
1 answer:
Westkost [7]3 years ago
8 0

<u>Answer:</u> The rate of interest per year is 18.49 %.

<u>Explanation:</u>

To calculate the rate of interest, we use the equation:

\text{Interest paid}=\text{Amount borrowed}\times \text{Rate of interest}\times \text{Time}

where,

Interest paid = $ 53.95

Amount borrowed = $ 700

Rate of interest = ?

Time = 5 months = \frac{5}{12}    (Conversion factor: 1 yr = 12 months)

Putting values in above equation, we get:

\$53.95=\$700\times \text{Rate of interest}\times \frac{5}{12}\\\\\text{Rate of interest}=0.1849\times 100=18.49\%

Hence, the rate of interest per year is 18.49 %.

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g A joint product is: Select one: a. Any product which consists of several parts. b. Any product produced by a company with more
mr_godi [17]

Answer:

The correct answer is letter "D": One of several products produced from a common input.

Explanation:

Joint products are those manufactured by large companies whose production process is the same at an early stage for all the different products being produced, but at a certain stage, called a split-off, the products begin to have their own characteristics.

Since the products initially come from the same input, the costs are allocated in the bundle. After the split-off, the cost of production is allocated to each type of product.

8 0
3 years ago
question 4 according to a forbes magazine study, the annual cost of cybercrime in the united states alone has reached how much?
jeka94

According to a forbes magazine study, the annual cost of cybercrime in the united states alone has reached about $100 million.

<h3>What is a cybercrime?</h3>

This refers to the use of computers or other electronic devices via information systems such as organizational networks or the Internet to facilitate illegal behaviors.

In 2021, the forbes magazine study shows that the annual cost of cybercrime in the united states alone has reached about $100 million.

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4 0
2 years ago
In 1981, 16 percent of wives earned more than their husbands. what was the percentage as of 2005?
AnnZ [28]
Given that <span>In 1981, 16 percent of wives earned more than their husbands.

It is reported that in 2005, about 26% of wives earned more than their husbands.</span>
7 0
3 years ago
In the month of June, a department had 20,000 units in beginning work in process that were 70% complete. During June, 90,000 uni
fgiga [73]

Answer:

100,000 units

Explanation:

The computation of the transferred out units of the process is shown below:

= Transferred units × percentage of completion + ending work in process inventory units × percentage of completion

= 90,000 units × 100% + 10,000 units × 100%

= 90,000 units + 10,000 units

= 100,000 units

All other information which is given is not considered. Hence, ignored it

3 0
4 years ago
Which of the following is an example of electronic banking?
Vedmedyk [2.9K]

Answer:

B. Wiring funds from one account to another

Explanation:

electronic banking can be defined as a process through which money is being transferred through electronic signal exchange rather than the traditional way of money exchange throug cheque or  documents.

Electronic banking facilities that uses electronic equipment are;

  • ATM
  • point of sale banking(POS)
  • fund transfer service
  • Mobile Banking,etc.
3 0
3 years ago
Read 2 more answers
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