Blake eats two bags of potato chips each day. When Blake's hourly wage increases from $7 to $15, he decides to stop eating gener
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Answer:
Ans. your monthly payment, for 30 years is $9,257.51 if you buy a property worth $1,000,000 and you make a down payment of $100,000
Explanation:
Hi, first we have to change the fixed rate in terms of an effective monthly rate, which is 1% effective monthly (12% nominal interest/12 =1% effective monthly). After that, take into account that the property is going to be paid in 30 years, but since the payments are going to be made in a montlhly basis, we have to turn years into months (30 years * 12 = 360 months).
After all that is done, all we have to do is to solve the following equiation for "A".
Where:
A= Annuity or monthly payment
r= Rate (effective monthly, in our case)
n= Periods to pay (360 months)
Everything should look like this.
Best of luck.
a. Standard labor-hours is 7920 hours.
b. Standard labor cost allowed is $42,768.
c. The labor spending variance is $1588(U).
d. The labor rate variance is $1706 and the labor efficiency variance $3294(U).
e. The variable overhead rate is $5971(U) and efficiency variances for the month $5580(U).
<u>Explanation:</u>
a)Standars hours(SH) allowed to make 19800 jogging mates
=SH per unit 19800
=(24/60)*19800
=7920 hours
24/60 has been taken to convert minutes into hours.
b)Standard Labor Cost (SC) of 19800 jogging mates
=$42,768
c)Labour Spending Variance
=$1588(U)
d)Labor Rate Variance
=$1706
Actual Hours(AH) * Actual Rate per hour(AR)= Actual Cost(AC)
Labor Efficiency Variance
=$3294(U)
e) Variable overhead rate variance = Actual hours worked (Standard overhead rate - Actual overhead rate)
= 8530 (4.5 - 5.20)
= $5971(U)
Actual overhead rate = $44,356 / 8530 = 5.20
Variable overhead efficiency variance = Standard overhead rate (Standard hours - Actual hours)
= 4.50 (7290 - 8530)
= $5580(U).