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I am Lyosha [343]
3 years ago
11

You just obtained a loan of $16,700 with monthly payments for four years at 6.35 percent interest, compounded monthly. What is t

he amount of each payment?
Business
1 answer:
katovenus [111]3 years ago
6 0

Answer:

$ 394.87

Explanation:

Amount payment can be calculated using the formula

c ( amount payment monthly) = rP(1+r)^n / (1+r)^n - 1

where r is the interest rate  per month = 6.35 / 12 = 0.529 / 100 = 0.00529

n = number of months = 4 × 12 = 48 months

P is the initial amount = $16,700

substitute the values into the equation

c =  0.00529 × $16,700 ( 1 + 0.00529) ⁴⁸ / (( 1 + 0.00529)⁴⁸ - 1) =  $ 394.87

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The GDP means gross domestic product. When it increases then it means the economy is getting stronger or is already strong. If it decreases then it becomes weaker or is already weak.
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A good way to show your boss that you are dependable is to _____. a. arrive early b. arrive with snacks c. arrive late d. arrive
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A. Arrive early.

Explanation:

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B. Arriving with snacks doesn’t get you anywhere.

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The type of production that does not concern itself with customer preferences, but instead focuses on making a large number of a
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<h3>What is mass production?</h3>

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Read more on mass production here: brainly.com/question/744854

3 0
2 years ago
On April 1, Garcia Publishing Company received $32,580 from Otisco, Inc. for 36-month subscriptions to several different magazin
Oksi-84 [34.3K]

Answer: Debit Unearned Fees, $8,145; Credit Fees Earned, $8,145.

Explanation:

The $32,580 are for 36 months so the amount per month would need to be calculated.

= 32,580/36

= $905

The subscriptions were paid on the 1st of April which means that only 9 months (April to December) of the first year will have revenue recognized for them.

= 905 * 9

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Correct entry would be to debit the Unearned fees account as it is a liability that needs to reduce to reflect that fees have now been recognized.

Credit the Fees Earned account to recognize revenue.

Debit Unearned Fees, $8,145; Credit Fees Earned, $8,145.

4 0
3 years ago
Explain what type of business would fall under a partnership ???
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here you go

Explanation:

A partnership is a business shared by multiple owners. It's not a legal business entity, and it doesn't have to be registered with the state. Basically, if you decide to go into business with another person without filing any state paperwork, you're automatically in a partnership

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3 years ago
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