A. True is the answer
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Answer:
Covenant.
Explanation:
A covenant in business context refers to a formal debt agreement between a lender and a company that specific actions will or will not be undertaken.
Answer: $2,398.55
Explanation:
The deposit at the end of year one would have been compounded by 2 years at the end of year 3. The second year deposit would have compounded by 1 year and the third year deposit would not have compounded at all.
The future value at the end of 3 years is;
= (500 * ( 1 + 11%)²) + (750 * ( 1 + 11%)) + 950
= $2,398.55
<em>The question might not be the exact same but you can use this as a reference. </em>
Answer:
Total finance charge=$23.75
Explanation:
<em>The amount charged for the use of the fund by a bank is called interest rate. Here it is quoted as 21% per annum but we will need to determine the approximate monthly rate by dividing by 12</em>.
The total finance charge will be equal = Interest rate + advance fee
Monthly interest rate = 21/12 =1.75%
Interest payment = 1.75%× $500=$8.75
Advance fee = 3%× $500= $15
Total finance charge = $8.75 + $15= $23.75
Total finance charge=$23.75