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timama [110]
3 years ago
14

On an 8% straight term loan of $6,071, the borrower paid total interest of $1,700. how long did he have the loan?

Business
1 answer:
forsale [732]3 years ago
4 0

<u>Calculation of period of the loan:</u>

It is given that The loan amount is $6,071 and the annual interest rate is 8%, that means the interest for one year shall be $6,071*8% = $485.68.

Now we are given that the total interest paid is $1,700. The time period of the loan can be calculated by dividing the total interest by the annual interest amount. Hence the period of the loan shall be  = 1700 / 485.68 = 3.5 Years.


Hence he had the loan for <u>3.5 years</u>.


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Stewart wants to invest some money that he just inherited. He found that his bank offers a savings account paying a guaranteed 3
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Answer:

Stewart will probably have to accept a higher level of risk .

Explanation:

Hence, a large-risk investment is one in which the risks of failure, or of losing some or all of the asset, are greater than the average.

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3 years ago
What is salary system?
Murljashka [212]

Answer:

Salary systems – also referred to as compensation plans or pay structure – are a collection of steps, policies and practices employers use to pay employees for their work. Salary systems consist of more than producing a weekly, biweekly or bimonthly paycheck.

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4 0
2 years ago
The allowance for doubtful accounts currently has a debit balance of $200. The company's management estimates that 2.5% of net c
lidiya [134]

Answer:

Bad debt expense (w/o allowance) = $2,875

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Explanation:

According to the scenario, the given data are as follows:

Net credit sales = $115,000

Uncollectible percentage = 2.5%

So, we can calculate the bad debt expense without Allowance for doubtful accounts by using following method:

Bad debt expense ( W/o allowance) = $115,000 × 2.5%

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4 0
3 years ago
Identify whether each the following transactions is a primary market or a secondary market transaction: Jim Henry bought 500 sha
slamgirl [31]

Answer:

Jim Henry bought 500 shares of I.B.M. through a broker.

  • SECONDARY MARKET TRANSACTION

Peggy White bought 500 shares of Apple from another investor.

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New York Life Insurance Co. bought 500,000 shares of Tioga Corp when the company issued the stock.

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Primary market transactions that place when an investor purchases securities at the time the corporation or entity issued them, e.g. if you purchased Amazon's stocks at their IPO (or any other time new stocks were issued), it was a primary market transaction. But if you purchased Amazon's stocks at any other time, it is a secondary market transaction. Almost all the transactions carried out everyday are secondary market transactions.

5 0
3 years ago
The supplies account had a beginning balance of $1,693. Supplies purchased during the period totaled $4,413. At the end of the p
olga55 [171]

Answer:

Debit Supplies expense $5,661

Credit Supplies account $5,661

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At the time of purchasing supplies, the entries includes a debit to supplies accounts, and a credit to cash or accounts payable which is dependent on whether the cash purchased was done via cash or an account

For supplies used, debit supplies expense and credit supplies account. The movement in supplies account over a period is due to purchases and its expressed as;

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Supplies used = $6,106 + $445

Supplies used = $5,661

6 0
2 years ago
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