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fiasKO [112]
2 years ago
10

Melissa wants to buy a living room set that cost $1800. She could get a 3-year personal loan from a bank at a simple interest ra

te of 8.7%. She could also get a 3-year loan from a finance company that charges 8.5% compounded annually. Which answer correctly compares the total cost of the loan with simple interest and the loan with compound interest?
Business
1 answer:
skad [1K]2 years ago
7 0

Answer:

The total cost of the loan with simple interest $2269.8 is less than the loan with compound interest $2299.12.

Explanation:

Simple Interest (I) = Principal (Loan)×Time×Rate ÷ 100

Loan = $1800

Time = 3 years

Rate = 8.7%

I = 1800×3×8.7/100 = $469.8

Total cost of loan with simple Interest = loan + simple interest = $1800 + $469.8 = $2269.8

Compound interest = [Loan(1+r)^n] - Loan

Loan = $1800

r is annual interest rate = 8.5% = 0.085

n is duration of the loan = 3 years

Compound interest = [1800(1+0.085)^3] - 1800 = 2299.12 - 1800 = $499.12

Loan with compound interest = 1800 + 499.12 = $2299.12

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Name the non-partisan organization that has set the rules for U.S. presidential and
Oksi-84 [34.3K]

Answer:

The non-partisan organization that has set the rules for U.S. presidential and  vice presidential debates since 1987 is discussed below in details.

Explanation:

A non-partisan system is an arrangement of administration or organizations such that general and intermittent elections take place without relating to political parties. there are two types of Non-partisan organizations: De facto and De jure.

The commission of presidential debates was organized in the year 1987 to assure that the debates, as a constant part of every general election. The commission of presidential debate advocate and present debates for the United States presidential and vice-presidential candidate.

6 0
3 years ago
For each of the following separate situations, prepare he necessary accounting adjustments using the financial statement effects
mash [69]

Answer:

depreciation expense equipment 610 debit

  accumulated depreciation equipment  610 credit

utilities expense   390 debit

  utilities payable      390 credit

rent expense  700 debit

           prepaid rent       700 credit

insurance expense  468 debit

        prepaid insurance 468 credit

wages expense 965 debit

   wages payables  965 credit

interest receivables 300 debit

      interest revenue      300 credit

Explanation:

(C) rent calculations

2,800 --> four period of rent

2,800 / 4 = 700 per period

(D) insurance calculations

624 for the entire years

expired  9 months in this period

$624 x 9/12 = 468

8 0
3 years ago
The text discusses three areas a firm must be concerned with in order to keep their best and brightest employees from leaving. T
den301095 [7]

Answer:

The correct answer is a. sorting/absorbing

Explanation:

The flight of talented employees is a situation that usually hurts companies, for that reason it is important to have growth plans that allow you to retain the people who generate value for the organization. If you focus directly on the classification, you are certain of who the projected employees are, and that in the short or medium term they can directly contribute to the growth of the company; for its part, absorption refers to the process of hiring employees who are already talented in search of a training process based on previous experiences.

4 0
3 years ago
A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per un
harina [27]

Answer:

Cost of goods sold= $133

Explanation:

Giving the following information:

A company uses a periodic inventory system. On August 1, the company had 6 items of beginning inventory with a cost of $7 per unit. On August 3, the company purchased 16 units at $14 per unit. Then, on August 5, the company sold 12 units. The 12 units sold consisted of 7 units from the August 3rd purchase and 5 units from the August 1st beginning inventory.

Cost of goods sold= 7*14 + 5*7= $133

7 0
3 years ago
Which of the following attributes of a competitor is important in strategic planning?
emmasim [6.3K]
I think the answer is all of the above
8 0
2 years ago
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