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
miskamm [114]
3 years ago
7

For services rendered, an attorney accepts a 90-day note for $5,500 at 8% simple interest from a client. (Both interest and prin

cipal are repaid at the end of 90 days.) Wishing to use her money sooner, the attorney sells the note to a third party for $5,560 after 30 days. What annual interest rate will the third party receive for the investment?
Business
1 answer:
MrMuchimi3 years ago
6 0

Answer:

5.395%

Explanation:

principal = $5,560

time = 1/6 hours

rate = r

Interest of client = p × t × (r/100)

= 5500 × (1/4) × (8/100)

= $110

Amount paid by client = 5,500 + 110

                                    = 5,610

This is the amount received by third party .

Principal of third party = 5,560

therefore, Interest = 5,610 - 5,560

                              = $50

i = p × t × (r/100), p = 5,560, t = 2 months = 1/6 years

50 = 5,560 × (1/6) × (r/100 )

r = 3,000 ÷ 556

 = 5.395%

You might be interested in
Swifty Corporation reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw mater
ale4655 [162]

Answer:

$27,000,000

Explanation:

Cost of Goods Manufactured = Direct Material Used + Direct Labor + Manufacturing Overhead + Opening Work In Progress - Closing Work In Progress

When Direct Material Used =  Beginning raw materials inventory + Raw materials purchased + Ending raw materials inventory

Direct Material Used = 300,000  + 1,060,000 - 480,000 = 880,000

Direct Material Used =  $880,000

Hence, Cost of Goods Manufactured = 880,000 + 820,000 + 820,000 + 1,080,000 - 900,000

Cost of Goods Manufactured= $27,000,000

Swifty Corporation's cost of goods manufactured for the year is $27,000,000

8 0
3 years ago
You are the production head and you decide to introduce a new product in your production line. Market survey reveals that price
Ne4ueva [31]

Answer:

the following table shows the profits generated by each output quantity, assuming selling price is Rs40. Since marginal costs of production are lower than selling price, the more you sell, the higher your profit. Profit is maximized at 1,000 units =  Rs35,960

Explanation:

output          variable costs       fixed costs       total revenue      profits

0                          00                     620                     0                     (620)

100                      280                   620                   4,000              3,100

200                     480                   620                   8,000              6,900

300                     640                   620                   12,000            10,740

400                     820                   620                   16,000            14,560

500                    1,040                  620                   20,000           18,340

600                    1,300                  620                   24,000           22,080

700                    1,620                  620                   28,000           25,760

800                    2,020                 620                   32,000           29,360

900                    2,620                 620                   36,000           32,760

1000                   3,420                 620                   40,000           35,960

8 0
3 years ago
How is a command economy different from a mixed economy?
Alex73 [517]

Answer:

A. A command economy depends largely on the government, whereas a mixed economy involves individuals and businesses, too.

Explanation:

A command economy is a system in which the government is the one that decides the goods that can be produced and establishes the prices of them and the mixed economy is a system that involves the goverment which has some control but also, the private sector. This means that the production and the prices depend on the supply and demand.

5 0
3 years ago
Based on the information in the table, which BEST explains the relationship between Country A and Country B?
Ivan

Answer:

Im going with b because i cant see the picture

Explanation:

8 0
3 years ago
Help for 10 stars pls . how can i make money eficently if i cant run a lemonade stand or do chores
Anuta_ua [19.1K]
I have know idea but here is my idea: Maybe do little things for the community that can pay off. :)
6 0
3 years ago
Other questions:
  • Machinery purchased for $63,000 by Concord Co. in 2016 was originally estimated to have a life of 8 years with a salvage value o
    13·1 answer
  • Sally is not feeling well so her mother takes her to the doctor. The doctor tells her she has strep throat, gives her medication
    11·2 answers
  • Which of the following determines​ "when specific products will be​ made, when specific customer orders will be filled and what​
    15·1 answer
  • our uncle is about to retire, and he wants to buy an annuity that will provide him with $57,000 of income a year for 20 years, w
    10·1 answer
  • If sales are $799,000, variable costs are 75% of sales, and operating income is $222,000, what is the contribution margin ratio?
    7·1 answer
  • Sam, the owner of a small company, learned that a competitor was planning to spend $150,000 on promotion in the next financial y
    10·1 answer
  • Fiji, Inc. started 2025 with $12,000 in assets and $2,500 in liabilities. Fiji had issued 50 shares of stock when it went into b
    7·1 answer
  • Which one of the following is not a financial intermediary?
    9·2 answers
  • Which of the jobs listed is likely to be the most influenced by creativity and the creative process?A) Warehouse workerB) Progra
    14·1 answer
  • Profiteer ltd reported retained earnings of r100000 and r80000 in therir statement of financial positionn for the years 2011 and
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!