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
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 %.

You might be interested in
Ultimate Sportswear has $100,000 of 8 noncumulative, nonparticipating, preferred stock outstanding. Ultimate Sportswear also has
andrew-mc [135]

Answer:

Preferred dividend = $8,000

Common stock dividend = $22,000

Explanation:

The computation of dividend is shown below:-

Preferred dividend = Total shares × Total shares of Noncumulative, nonparticipating, preferred stock outstanding

= $100,000 × 0.08

= $8,000

Common stock dividend = Cash dividend - Preferred dividend

= $30,000 - 8,000

= $22,000

Therefore the Preferred dividend is $8,000 and Common stock dividend is $22,000

7 0
3 years ago
Al, walks in off the street, says the grounds could use some sprucing up, and offers to do it for $8 an hour. Management gives h
Rufina [12.5K]

Answer:

<u>Option B</u> must pay him as an employee, withhold appropriate taxes and issue a W-2 at year end

Explanation: He is paid based on hours worked, and uses the company equipment thus is an employee who is controlled by an employer. The independent contractors buy their own supplies, provide their own equipment and paid based on tasks performed

4 0
3 years ago
Company Z's CPP has a Products and Completed Operations aggregate limit of $100,000, with a $20,000 limit for each occurrence. F
drek231 [11]

Answer:

65000$ remains available for complete operation losses.

Explanation:

$20,000 of the $25,000 loss is paid by the policy. The $15,000 loss is paid in full. Together these payments reduce the $100,000 aggregate limit to $65,000.

Calculation

100,0000-20,000-15,000 = 65,000 $.

8 0
3 years ago
More Parts Liquidators specializes in buying excess parts inventories for resale or to incorporate into other products. They rec
Alla [95]

Answer:

Sell the parts without any processing because the profit is higher ($20,000 vs $15,000)

Explanation:

they have two options:

  • option A, sell the parts as they are and make $20,000 in profits (= $120,000 - $100,000).
  • option B, further process the parts by spending $75,000 and sell them for $190,000, and make only $15,000 in profits (= $190,000 - $100,000 - $75,000).

The best option is A, to sell the parts without any processing because the profit is higher and they do not have to spend more money.

6 0
3 years ago
Businesses should customize invoices to best detail the products or services they provide.
Doss [256]

Answer: A

Explanation:

5 0
3 years ago
Read 2 more answers
Other questions:
  • There is a page in the company's "employee handbook" that states that anything brought onto the company's property, including th
    13·1 answer
  • Jermaine and Kesha are married, file a joint tax return, have AGI of $82,500, and have two children. Devona is beginning her fre
    15·1 answer
  • Mogul Company ships merchandise to Ski Outfit in a consignment arrangement. The arrangement specifies that Ski Outfit will attem
    10·1 answer
  • Maria Queen was reviewing her business activities at the end of the year (2022) and decided to prepare a Retained Earnings State
    7·1 answer
  • To confirm the official requirements for becoming a cosmetologist, you should check with ______________________.
    11·1 answer
  • A horizontal merger between two firms occurs when: __________
    10·1 answer
  • Integrity Accounting Firm provides various financial services to organizations. Integrity has decided to price its jobs at the t
    5·1 answer
  • Cobe Company has already manufactured 21,000 units of Product A at a cost of $15 per unit. The 21,000 units can be sold at this
    12·1 answer
  • 32 POINTS! Please answer QUICKLY! Giving away a product for free can be a good business practice. Why is this TRUE?
    8·2 answers
  • Drag each tile to the correct location on the table.
    5·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!