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
erik [133]
3 years ago
6

A loan is being repaid with level annual payments of $1,000. Calculate the outstanding balance of the loan if there are 12 payme

nts left. The next payment will be paid one year from now and the effective annual interest rate is 5%.
Business
1 answer:
aleksley [76]3 years ago
3 0

Answer:

$8,306.75

Explanation:

we are given the payment, the interest rate and the number of periods remaining, and we must first determine the principal amount:

P = (A x {([1+i]ⁿ)-1}) / {i[1+i]ⁿ}

  • A = $1,000
  • i = 5%
  • n = 12

P = ($1,000 x {([1+0.05]¹²)-1}) / {0.05[1+0.05]¹²}

P = ($1,000 x 0.79586) / 0.08979

P = $795.86 / 0.08979 = $8,863.57

Now we must determine the interest accrued in 1 year:

interest accrued in 1 year = principal x interest rate = $8,863.57 x 5% = $443.18

principal balance after the payment in 1 year = principal - (payment - interest expense) = $8,863.57 - ($1,000 - $443.18) = $8,306.75

You might be interested in
Which of the following provides a consumer with the deepest comprehension and the greatest chance of accurate recall? a. Spreadi
horrorfan [7]

Answer:

Personal elaboration

Explanation:

Personal elaboration is the simplest and important form of recall memory. In this process, the consumer can recall the deepest comprehension and then there is the greatest chance to recall accurately.  

Different strategies play a great part in this process.

  • To describe the place in details
  • Use very specific words
  • Show taste, smell, feeling, smell.
  • To show the comparison between two similar things
  • To use the exact words from another person
  • To describe something movement about objects
  • Show the feeling that how something has happened  
3 0
3 years ago
Kroger sponsors such brands as Private​ Selection, Heritage​ Farm, and Simple Truth. Kroger does not manufacture any of these pr
malfutka [58]

Answer: A. A Private Brand

Explanation:

In Private Branding, a company manufactures goods for another company to sell under their own brand. Such goods are usually known to be cheaper than their branded equivalents.

Examples include grocery store goods that bear the name of the grocery store selling them.

8 0
3 years ago
Simmons Consulting Co. has the following accounts in ts ledger Cash: Accounts Receivable Supplies: Office Equipment Accounts Pay
Alchen [17]

Answer:

Simmons Consulting Co

<u><em>General Journal</em></u>

Oct 1

Rent Expense $4,800 (debit)

Cash $4,800 (credit)

<em>Paid Rent Expense</em>

Oct 3

Advertising expense $2,500 (debit)

Cash $2,500 (credit)

<em>Paid Advertising Expense</em>

Oct 5

Supplies  $1,390 (debit)

Cash $1,390 (credit)

<em>Paid for Supplies</em>

Oct 6

Office equipment $10,670 (debit)

Office Equipment Accounts Payable $10,670 (credit)

<em>Bought Office equipment on credit</em>

Oct 10

Accounts Receivable $19,730 (debit)

Cash $19,730 (credit)

<em>Received payment from accounts</em>

Oct 15

Cash $59,480 (debit)

Accounts Payable $59,480 (credit)

<em>Made payment to Accounts Payable</em>

Oct 27

Miscellaneous Expenses $530 (debit)

Cash $530 (credit)

<em>Paid for Miscellaneous Expenses</em>

Oct 30

Utilities expense $220 (debit)

Cash $220 (credit)

<em>Paid for telephone bill</em>

Oct 31

Cash $538,620 (debit)

Fees Earned $538,620 (credit)

<em>Cash received for Fees Earned</em>

Oct 31

Utilities expense $1,540 (debit)

Cash $1,540 (credit)

<em>Paid for electricity bill</em>

Oct 31

Drawings $56,700 (debit)

Cash $56,700(credit)

<em>Cash drawings by owner</em>

Explanation:

I have prepared the journals and their narrations, see the above.

8 0
3 years ago
Is the world going to end
koban [17]
I did not think this will happen nearly in future. Only one thing can Destroy this world and it is Nature.
3 0
3 years ago
Read 2 more answers
People with the primary responsibility for administering the systems that house the information used by the organization perform
Alexus [3.1K]

Answer:

system administrators

Explanation:

System administrators -

It refers to the people , who are incharge to maintain the IT infrastructure of the company , is referred to as system administrators.

The person play an important role in order to maintain the system.

Hence , from the given information of the question,

The correct term is system administrators .

7 0
3 years ago
Other questions:
  • Method A assumes simple interest over final fractional periods, while Method B assumes simple discount over final fractional per
    15·1 answer
  • A fire destroyed a warehouse of the Goren Group, Inc., on May 4, 2021. Accounting records on that date indicated the following:
    13·1 answer
  • When adding fields to a form, press Ctrl+F8 to show or hide the Field List.
    5·1 answer
  • Dimon Products' sales are expected to be $5 million this year, with 90% on credit and 10% for cash. Sales are expected to grow a
    10·1 answer
  • During March, the production department of a process operations system completed and transferred to finished goods 25,000 units
    8·1 answer
  • What is an economic and non economic activity explain me in short and give one example each​
    14·2 answers
  • The senior leadership and board of directors are meeting to determine the key priorities for community Hospital for the year ahe
    10·1 answer
  • Portions of the financial statements for Alliance Technologies are provided below. Alliance Technologies Income Statement For th
    8·1 answer
  • At the end of the current year, $12,040 of fees have been earned but have not been billed to clients.
    15·1 answer
  • MSI is considering outsourcing the production of the handheld control module used with some of its products. The company has rec
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!