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3 years ago

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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solniwko [45]

The technique that's employed by the project manager is PERT technique.

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It should be noted that a project simply means a work that's carried out in order to achieve a desired goal.

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2 years ago

A company’s past experience indicates that 60% of its credit sales are collected in the month of sale, 30% in the next month, an

Naddika [18.5K]

Answer:

$213,250

Explanation:

The calculation of cash inflow is shown below:-

Expected cash collections

For the month of June

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May $213,750 30% $64,125

June $225,000 60% $135,000

Total collection in the month of June $213,250

Here we assume Sales for April$282,500, May $213,750 and June $225,000.

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2 years ago

The process of formalizing acceptance of the completed project deliverables is also known as _______________

vlada-n [284]

The process of formalizing acceptance of the completed project deliverables is also known as Validate Scope.
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3 years ago

In 1969, Malcolm bought a Pontiac Firebird for $2,500. If the price index was 36.7 in 1969 and the price index was 235 in 2013,

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Answer:

Option (d) $16,008.17

Explanation:

Data provided in the question:

The price of the Firebird in 1969 = $2,500

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Price index in 2013 = 235

Now,

The price of the Firebird in 2013 dollars will be

= [ Price index in 2013 ÷ Price index in 1969 ] × The price of the Firebird in 1969

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2 years ago

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3 years ago