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3 years ago

13

Steve borrowed $750 for a new dresser. He made 9 monthly payments to repay the loan. He paid $45 interest. What is his simple in

terest rate?

1 answer:

GuDViN [60]3 years ago

8 0

Answer:

222

Explanation:

You might be interested in

How would an increase in the labor force affect the revenues collected by the federal government?

mafiozo [28]

Answer:

See explanation below for answer.

Explanation:

One way in which the federal government makes money is to impose a tax on the salaries and wages earned by workers. This tax is a particular percentage of the salaries and wages of workers, and it is collected by the government to be used for various purposes.

Therefore, if the labour force were to be increased, meaning an increase in the number of workers in the economy, this would lead to more people earning wages and salaries, thereby translating into more tax to be collected by the government.

Hence, an increase in the labour force has a positive effect on government revenue, because it will lead to an increase in revenue collected from taxes.

3 0

3 years ago

How much money should be deposited annually in a bank account for five years if you wish to withdraw $3 comma 000 each year for

VMariaS [17]

Answer:

The five deposits will be for $ 1,263.360

Explanation:

at the given rate of 4%

we are going to do 5 deposits.

Then, after 5 years we subtract 3,000 dollar during 3 years:

First, we solve for the PV of tat annuity:

$C \times \frac{1-(1+r)^{-time} }{rate} = PV\\$

C 3,000.00

time 3

rate 0.04

$3000 \times \frac{1-(1+0.04)^{-3} }{0.04} = PV\\$

PV $8,325.2731

Then, we discount for the 5 years waiting period:

$\frac{Maturity}{(1 + rate)^{time} } = PV$

Maturity $8,325.2731

time 5.00

rate 0.04000

$\frac{8325.27309968139}{(1 + 0.04)^{5} } = PV$

PV 6,842.7676

Now, we solve for which annuity of 5 deposits generates that amount:

$FV \div \frac{(1+r)^{time} -1}{rate} = C\\$

FV 6,843

time 5

rate 0.04

$6842.76763180258 \div \frac{(1+0.04)^{5} -1 }{0.04} = C\\$

C $ 1,263.360

5 0

4 years ago

Greg, a self-employed plumber, commutes from his home to his office which is 10 miles away. At his office, he loads his truck fo

Tasya [4]

Answer:

26 Miles

Explanation:

As per IRS,

Commuting is a personal nature of expense, which is not allowable as deduction.

The following things are not deductible for Greg:

(i) Distance traveled from office to home and home office is not deductible.

(ii) At the end of day, 7 miles distance traveled towards home from Martin's dry cleaning is not deductible.

Deductible includes the miles traveled to the business sites from the office for Greg.

Therefore,

Deductible transportation miles:

= Distance traveled from office to smith's house + Distance traveled from smith's house to martin's dry cleaning

= 5 miles + 21 miles

= 26 Miles

4 0

3 years ago

An accounting system that accumulates and reports costs incurred by each service department for management to evaluate the perfo

Tresset [83]

Answer:

c. Departmental accounting system.

Explanation:

The departmental accounting system is an accounting information system that records financial information about operations and the department. Managers can use financial information from departmental accounting systems to show how profitable and efficient each department is Departmental accounting system

example are as Microsoft is Windows department and MS Office and Xbox department

5 0

4 years ago

Presented below are selected transactions of Molina Company. Molina sells in large quantities to other companies and also sells

Airida [17]

Answer:

Accounts receivables 10,400 debit

Sales revenues 10,400 credit

Sales returns and allowance 200 debit

Accounts receivables 200 credit

cash 9,894 debit

sales discounts 306 debit

Accounts receivables 10,200 credit

accounts receivables 1,000 debit

sales revenues 1,000 credit

account receivables 18 debit

interest revenue 18 credit

Explanation:

we record the sales as usual, debit to accounts receivables and credit sales revenue.

The returned good decrease the value of the customer account hus, we decreased agsinst sales return and allowance.

We then, calculate the adjusted invoice balance and calcualte the discount:

balance: 10,400 invoice less 200 return = 10,200

discount granted as collection occur within first 10 days:

10,200 x 3% = 306

cash proceeds: 10,200 - 306 = 9,894

at the end of the month we calculate the interest of the 1,000 dollar credit sales:

interst on credit car sales:

1,000 x 1.8% = 18 dollar

7 0

3 years ago