All categories

3 years ago

Trevor Williams’ bank calculates interest daily. At an APR of 3%, how much simple interest does $2,000 earn in twelve days?

Business

2 answers:

Oxana [17]3 years ago

8 0

To calculate Trevors' interest amount in twelve days use the following formula

Prt = I

Principal = $2,000

Rate = 0.03

Time = 12/365

Interest = ?

($2,000)(0.03)(12/365) = I

I = $1.97

pishuonlain [190]3 years ago

6 0

The answer is $1.97.

You might be interested in

"A company issues $20,000,000, 7.8%, 20-year bonds to yield 8% (market rate) on January 1, 2007. Interest is paid on June 30 and

Agata [3.3K]

Answer:

Interest expense for the year : 1,530,505.41

Explanation:

In the effective method the interest expense si determinate by multiplying the market rate with the carrying value.

Then, the difference against the cash outlay and this interest expense will amortize the bond discount:

Period B Carrying Cash outlay Int. Exp. Amort Carrying Value

1 19,604,145 800000 764561.66 35438.34 19,639,583

2 19,639,583 800000 765943.75 34056.25 19,673,640

Total interest expense:

764,561.66 + 765,943.75 = 1,530,505.41

Then 800,000 - 764,561.66 = 35,438.34 amortization

new carrying value 19,604,145 + 35,438.34 = 19,639,583

Last: 19,638,583 x 0.078/2 = 765943.75

We add up the interst expense:

Total interest expense:

764,561.66 + 765,943.75 = 1,530,505.41

4 0

3 years ago

Suppose that a country has no public debt in year 1 but experiences a budget deficit of $50 billion in year 2, a budget deficit

cluponka [151]

Answer:

= $62 billion

Explanation:

Since the country started year 1 with no public debt,

The country's debt at the end of year 5 = $50 (deficit year 2) + $30 (deficit year 3) - $20 (surplus year 4, negative deficit) + $2 (deficit year 5)).

= $62 billion

The country's debt at the end of year 5 = $62 billion

Public debt is the sum of deficits and surpluses (negative deficits) over time.

5 0

3 years ago

Harvey quit his job at State University, where he earned $62,000 a year. He figures his entrepreneurial talent or forgone entrep

Liula [17]

Answer:

Accounting profit = 120,000

Explanation:

Accounting profit = total revenue - explicit costs

Accounting profit = 72*10,000 - 60*10,000

= 720,000 - 600,000 = 120,000

5 0

2 years ago

April Corporation developed the following per-unit standards for its product: 2 pounds of direct materials at $3.75 per pound. L

BigorU [14]

Answer:

200 Unfavorable

Explanation:

Calculation to determine what The direct materials usage variance for last month was:

Material usage variance =( Direct materials pounds - Direct materials units) * Actual quantity purchased

Let plug in the formula

Material usage variance= (2 pounds *900) -2,000 pounds

Material usage variance= 1,800 - 2,000

Material usage variance=200 Unfavorable

Therefore The direct materials usage variance for last month was 200 Unfavorable

7 0

3 years ago

LBC Corporation makes and sells a product called Product WZ. Each unit of Product WZ requires 2.2 hours of direct labor at the r

Oksana_A [137]

Answer:

$1,485,000

Explanation:

Given that,

Ending Inventory = 100 units

Sales = 38,000 units

Beginning Inventory = 600 units

Direct labor hours required per unit = 2.2 DLH

Rate per direct labor-hour = $18

Total Units produced in June:

= Ending Inventory + Sales - Beginning Inventory

= 100 units + 38,000 units - 600 units

= 37,500 units

Budgeted direct labor costs for June would be:

= Total Units produced in June × Direct labor hours required per unit × Rate per direct labor-hour

= 37,500 units × 2.2 × $18

= $1,485,000

3 0

3 years ago