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Mandarinka [93]
4 years ago
11

Buttner Company borrows $88,500 on September 1, 2014, from Harrington State Bank by signing an $88,500, 12%, one-year note.

Business
1 answer:
oksian1 [2.3K]4 years ago
4 0

Answer:

C.) $3,540

Explanation:

The loan borrowed is the Principal = $88,500

Interest rate per year = 12% or 0.012 as a decimal

Interest accrued formula = Principal * rate * time

Note: time will be from Sep1 - Dec 31 = 4 months or \frac{4}{12}years

Interest accrued = 88,500 * 0.012 * \frac{4}{12}

Interest accrued = 3,540

Therefore, as of December 31st, 2014, $3,540 would be the interest accrued hence choice C is correct.

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Say that you purchase a house for $212,000 by getting a mortgage for $190,000 and paying a $22,000 down payment. If you get a 30
guapka [62]

Answer:

<em>1) Monthly payments:</em>

<em>         </em>Payment=\$1,394.15<em />

<em />

<em>2) Balance in ten years:</em>

<em>        </em>Balance=\$166,676.94<em />

<u><em /></u>

Explanation:

<u><em></em></u>

<u><em>1. What are the monthly payments?</em></u>

The formula to compute the monthly payment of a loan is:

       Payment=Loan\times \dfrac{r(1+r)^n}{(1+r)^n-1}

Where:

  • Payment is the monthly payment
  • r is the monthly interes rate: 8% / 12 = 0.08/12
  • n is the number of months: 12 × 30 = 360
  • Loan = $190,000

Substitute and compute:

        Payment=\$ 190,000\times \dfrac{r(1+(0.08/12))^{360}}{(1+(0.08/12))^{360}-1}

        Payment=\$1,394.15

<u><em>2. What would the loan balance be in ten years?</em></u>

<u><em></em></u>

There is a formula to calculate the balance in any number of years:

     Balance=Loan(1+r)^n-Payment\times \bigg[\dfrac{(1+r)^n-1}{r}\bigg]

Substitute with n = 10 × 12 and compute:

Balance=\$190,000(1+(0.08/12))^{(10\times 12)}-\$1,394.15\times \bigg[\dfrac{(1+(0.08/12))^{(10\times 12)}-1}{(0.08/12)}\bigg]

Balance=\$166,676.94

3 0
4 years ago
Select the correct answer.
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Answer:

B

Explanation:

hope this helps

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A 40-year old taxpayer has owned a Roth IRA for more than 5 years. A $10,000 distribution will be considered nonqualified if the
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Explanation:

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Once the project and project are developed, it must be determined whether the project can be accomplished within the required ti
valina [46]

Answer:

False

Explanation:

Required time, budget and resources are the factors to be calculated before development of that project. First phase of a project is requirement, after requirement these factors should be estimated. Once a project is developed then there is no use of these estimates.

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