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3 years ago

A bank loans money at an annual rate of 20 percent. Interest is compounded daily. What is the actual rate the bank is charging?

Business

1 answer:

NeX [460]3 years ago

8 0

Answer:

22.13%

Explanation:

The effective annual rate formula below can be used to determine the actual rate charged by the bank as follows:

Effective annual rate=(1+APR/n)^n-1

APR=20%

n=number of times interest is computed yearly=365

Effective annual rate=(1+20%/365)^365-1

Effective annual rate=1.221335858 -1

Effective annual rate=22.13%

The actual rate of interest on bank loan is 22.13%

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homeworklib Assume the following for White Top Inc. for the current fiscal year. White Top applies overhead on the basis of unit

Naya [18.7K]

Answer:

50,500 Units

Explanation:

The computation of the number of units produced is shown below:

Overhead rate is

= $200,000 ÷ 50,000 units

= $4 per unit

The Actual overhead is $222,000

So,

Under applied overhead is $20,000

Now

Applied overhead is

= $222,000 - $20,000

= $202,000

And, finally

Actual unit produced is

= $202000 ÷ 4

= 50,500 Units

6 0

3 years ago

Fixed cost per unit is inversely proportional to the volume of units produced.

Levart [38]

True. Fixed cost per unit is inversely proportional to the volume of units produced.

Fixed costs per unit are inversely proportional to the volume produced because depending on the amount of units made, the amount spent on fixed costs is then based. Because they are related to one another, this statement is true.

5 0

3 years ago

______ is a way to turn a company into a parent company with smaller retail outlets owned by independent operators.

Snowcat [4.5K]

Answer:

Franchising

Explanation:

just took the test and got 100%

3 0

3 years ago

Jeff recently drove to visit his parents who live 160 miles away. on his way there his average speed was 9 miles per hour faster

olya-2409 [2.1K]

To answer this item, we let x be Jeff's speed when going back home. With this representation, the speed from home to his parents is x + 9. The total time it took him for the trip is 8 hours. The time of each trip can be calculated by dividing the distance by time. Such concept is presented below.

8 hours = 160/x + 160/(x + 9)

The value of x from the equation is 36. Thus, his speeds were 36 miles/h and 45 miles/h.

4 0

3 years ago

The following information relates to Halloran Co.'s accounts receivable for 2021: Accounts receivable balance, 1/1/2021 $ 858,00

cluponka [151]

Answer:

$1,224,000

Explanation:

Given that,

Accounts receivable balance, 1/1/2021 = $ 858,000

Credit sales for 2021 = $3,450,000

Accounts receivable written off during 2021 = $54,000

Collections from customers during 2021 = $3,030,000

Allowance for uncollectible accounts balance, 12/31/2021 = 215,000

Halloran report for accounts receivable, before allowances, at December 31, 2021:

= Beginning accounts receivables + Credit sales for 2021 - Accounts receivable written off during 2021 - Collections from customers during 2021

= $858,000 + $3,450,000 - $54,000 - $3,030,000

= $1,224,000

4 0

3 years ago