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san4es73 [151]
3 years ago
5

First National Bank charges 13.5 percent compounded monthly on its business loans. First United Bank charges 13.8 percent compou

nded semiannually. Calculate the EAR for First National Bank and First United Bank. (Do not round intermediate calculations and enter your answers as a percent rounded to 2 decimal places, e.g., 32.16.)
Business
1 answer:
Romashka-Z-Leto [24]3 years ago
7 0

Answer: 14.28%

Explanation:

Effective Annual Rate is the rate that takes the periodic rates and converts it to an annual rate if compounding the periodic rate was taken into account.

The formula is;

EAR = (1 + r/m)^m - 1

Where;

r is the Annual nominal rate of interest and,

m is Number of compounding periods in a year

EAR = ( 1 + 13.8/2)² - 1

= 1.142761 - 1

= 0.142761

= 14.28%

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3 years ago
Income Statement, Direct and Indirect Cost Concepts, Service Company
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Answer:

Send It Packing

1. The cost of materials used for packaging and mailing services during May is $11,550.

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3. The conversion cost for May is $43,700 (labor and overhead)

4. The total cost of services for May is $55,250

5. Income Statement for the month of May

Service Revenues                       $102,100

Cost of services:

Cost of materials used $11,550

Cost direct labor used  25,570

Overhead incurred         18,130  $55,250

Gross profit                                 $46,850

Franchise fee            $5,105

Advertising expense  2,750

Administrative costs  3,650       $11,505

Net income                                $35,345

6. The overhead incurred has $14,050 direct and $4,080 indirect costs.  The direct cost was paid to the courier companies for delivery services.  The indirect costs were incurred for rent, utilities, and insurance.

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Purchases of materials =               $11,450

Materials available for use =        $12,500

Ending inventory of materials =       $950

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Cost direct labor used =               25,570

Overhead incurred =                      18,130

Franchise fee (5% of $102,100)      5,105

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Administrative costs                      3,650

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8 0
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