The difference between your sales and your cost of goods sold is known as your what

Huai takes out a $3,600 student loan at 6.6% to help him with 2 years of community college. After finishing the 2 years, he tran

Alja [10]

Answer:

a. The monthly payment on loan 1 is $76.03.

b. The monthly payment on loan 2 is $411.69.

Explanation:

a. Calculate the monthly payment on loan 1.

To determine the amount of periodic payments, the present value of annuity formula should be used:

$PV=P(\frac{1-(1+r)^{-n} }{r} )$

Where:

PV= present value

p=periodic payment

i=rate of interest

n=number of periods

We get the data for this exercise:

PV= 3,600 (loan).

p= unknown (we must find this value)

i= 6.6% or 0.066. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.066 / 12).

n= 4 years and 7 months, that is 55 months.

And we replace in the formula:

$3600=P(\frac{1-(1+\frac{0.066}{12})^{-55} }{\frac{0.066}{12} } )$

$3600=P(\frac{1-(1+0.055)^{-55} }{0.0055} )$

$3600=P(\frac{1-(0.7395812268)}{0.0055} )$

$3600=P(\frac{0.2604187732}{0.0055} )$

$3600=P(47.348867)$

Therefore:

$P=\frac{3600}{47.348867}$

$P=76.03$

The monthly payment on loan 1 is $76.03.

b. Calculate the monthly payment on loan 2.

We get the data for this exercise:

PV= 11,600 (loan 2).

p= unknown (we must find this value)

i= 7.3% or 0.073. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.073 / 12).

n= 2 years and 7 months, that is 31 months.

And we replace in the formula:

$11600=P(\frac{1-(1+\frac{0.073}{12})^{-31} }{\frac{0.073}{12} } )$

$11600=P(\frac{1-(1+0.006083)^{-31} }{0.006083} )$

$11600=P(\frac{1-(0.8286047296)}{0.006083} )$

$11600=P(\frac{0.1713952704}{0.006083} )$

$11600=P(28.1761088936)$

Therefore:

$P=\frac{11600}{28.1761088936}$

$P=411.69$

The monthly payment on loan 2 is $411.69.

8 0

3 years ago

A small publishing company is planning to publish a new book. The production costs will include one-time fixed costs (such as ed

patriot [66]

The number of books that will be produced such that the costs from the two methods be the same is 4668 units.

From the complete question, the total cost of the first equation will be:

= 8.25x + 65054

The total cost for the second equation will be:

= 19.50x + 12539

Then, we'll equate both equations together and this will be:

8.25x + 65054 = 19.50x + 12539

Collect like terms

19.50x - 8.25x = 65054 - 12539

11.25x = 52515

Divide both side by 11.25

11.25x/11.25 = 52515/11.25

x = 4668 units.

Therefore, the breakeven unit will be 4668 units.

Read related link on:

brainly.com/question/25265523

5 0

3 years ago

Read 2 more answers

During the year, Eleanor earns $120,000 in wages as an employee of an accounting firm. She also earns $30,000 in gross income fr

madam [21]

Answer:

Self employment tax will be $24000

So option (e) will be correct option

Explanation:

We have given that earning from outside consulting service = $30000

Deductible amount paid in connection with consulting service = $6000

We have to find the self employment tax

Self employment tax is the difference of earning from outside source and deductible amount

So self employment tax = $30000 - $6000 = $24000

So option (e) will be correct option

5 0

3 years ago

Which of the following gave workers a reason to form early unions?

sveta [45]

I believe the answer is B because unions serve to protect workers' rights

7 0

3 years ago

Which of the following sections of a business plan contains information about the different departments in the company and what

MrRa [10]

The section of a business plan that contains information about the different departments in the company and what they do is the organization section.
In it, you can see all of the employees working in a certain company, and their jobs and activities are all enlisted in that part of the business plan. This is the easiest way to find a person you need, and who is the most suitable for a job that you want to hire them for.

8 0

3 years ago