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3 years ago

If you have a credit card with 15.99% APR that compounds monthly, what is the effective interest

Business

1 answer:

RideAnS [48]3 years ago

7 0

Answer: 17.22%

Explanation:

Effective interest rate is calculated by the formula:

= (1 + APR / Number of compounding periods) ^ Number of compounding periods - 1

Number of compounding periods = 12 months in the year

= (1 + 0.1599/12)¹² - 1

= 0.172155

= 17.22%

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Justin Company's budget includes the following credit sales for the current year: September, $40,000; October, $51,000; November

zheka24 [161]

Answer:

$45,350

Explanation:

Follow the Company`s collection history to determine the November Cash Collection.

November Cash Collection :

Collected in month of sale - 15% x $45,000 $6,750

Collected for 1st month after sale - 60% x $51,000 $30,600

Collected for 2nd month after sale - 20% x $40,000 $8,000

Total $45,350

Therefore,

The cash Justin can expect to collect in November is $45,350

7 0

3 years ago

Josie recently took a job in the marketing department for Beachside Bagels and Bakery. After just a few days on the job, Josie l

Natalija [7]

Answer: Bureaucratic organization

Explanation:

A bureaucratic organization is an organization with a pyramidal shaped structure thereby decisions are made in an organized manner and there is high formality in its operations. It involves different layers of management from the top executives to managers till it gets to the lower staffs

Authority and decision making generally comes from the top till it gets to lower layers. Examples of bureaucratic organizations can be found in colleges and police departments.

6 0

3 years ago

Read 2 more answers

is year, Amy purchased a personal residence at a cost of $1,000,000. She borrowed $800,000 secured by the home to make the purch

Irina18 [472]

Answer:

Deductible Interest is $11,250

Explanation:

Compute at the amount of $750,000 the interest Amy could deduct as follows:

Since the interest on loan secured by home could be deduct on the first $750,000 borrowing amount. Hence,

Deductible Interest = Interest Paid × ($750,000 / Loan Secured by income)

Deductible Interest = $12,000 × ($750,000 / $800,000)

Deductible Interest = $11,250

Hence, the Amy could deduct interest on borrowing $11,250

3 0

3 years ago

The U.S. government decides that the incomes of dairy farmers should be maintained at a level that allows the traditional family

luda_lava [24]

Answer:

$2.8 billion per year

Explanation:

Currently the amount of surplus milk in the US is really high since the demand per capita for milk has decreased by 40% in the last 50 years. Excess milk is turned into cheese since it doesn't last very long, and the current amount of surplus cheese is 1.4 billion pounds.

If yous need on average 4 pints of milk per pound of hard cheese and 2 pints per pound of soft cheese, that means that the total surplus milk production is between 2.8 and 5.6 billion pints.

If the government is going to purchase that excess milk, then it is going to need at least $2.8 billion per year.

5 0

3 years ago

If a perfectly competitive firm finds that price is less than average variable cost, it should: shut down immediately. increase

Musya8 [376]

Answer: It should shot down immediately.

Explanation:

If the market price is equal to average cost at the profit-maximizing level of output, then the firm is making zero profits. If the market price that a perfectly competitive firm faces is below average variable cost at the profit-maximizing quantity of output, then the firm should shut down operations immediately.

4 0

3 years ago