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3 years ago

5

Concord Company sells merchandise on account for $5700 to Ivanhoe Company with credit terms of 2/10, n/30. Ivanhoe Company retur

ns $1000 of merchandise that was damaged, along with a
check to settle the account within the discount period. What is the amount of the check?
$4700
$4606
$5586
$5606

1 answer:

Anna71 [15]3 years ago

6 0

Answer:

The right solution is Option b ($4606 ).

Explanation:

The given values are:

Company sells merchandise,

= $5700

Company returns,

= $1000

Now,

The amount of the check will be:

= $(5700-1000)\times 98 \ percent$

= $(5700-1000)\times 0.98$

= $4700\times 0.98$

= $4606$ ($)

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Max's Kennels spent $220,000 to refurbish its current facility. The firm borrowed 60 percent of the refurbishment cost at 5.95 p

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Answer:

The monthly payment is $2184.52

Explanation:

Given

$Total\ Amount\ Spent\ = $220,000$

$Amount\ Borrowed = 60\%$

$Rate = 5.95\%$

$Duration = 6\ years$

Required

$Monthly\ Payment$

Firstly, the loan amount has to be calculated

The Question says; of the total amount spent, only 60% was borrowed;

So;

$Loan = 60\%\ of\ 220,000$

$Loan = 132,000$

The monthly payment can then be calculated using the following formula

$Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}$

Where P = Loan Amount = 132,000

r = rate of payment = 5.95% = 0.0595

n = duration (in month)

n = 6 years

n = 6 * 12 months

n = 72 months;

Substitute the above parameters in the formula;

$Amount = P * \frac{r}{12} * \frac{(1 + \frac{r}{12})^n}{(1 + \frac{r}{12})^n - 1}$ becomes

$Amount = 132,000 * \frac{0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = \frac{132,000*0.0595}{12} * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(1 + \frac{0.0595}{12})^{72}}{(1 + \frac{0.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(\frac{12.0595}{12})^{72}}{(\frac{12.0595}{12})^{72} - 1}$

$Amount = 654.5 * \frac{(1.0049583)^{72}}{(1.0049583)^{72} - 1}$

$Amount = 654.5 * \frac{1.42777239524}{1.42777239524 - 1}$

$Amount = 654.5 * \frac{1.42777239524}{0.42777239524}$

$Amount = 2184.51925155$

$Amount = 2184.52\ (Approximated)$

<em>Hence, the monthly payment is $2184.52</em>

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3 years ago

The last four years of returns for a stock are as follows: Year 1 2 3 4 Return −4.5% 28.1% 12.2% 3.7% a. What is the averag

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Answer:

a. What is the average annual return?

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c. What is the standard deviation of the stock's returns?

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4 years ago

Minimizing the use of energy and reducing emissions and waste are issues of importance to which stakeholder

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3 years ago

Use the following quotation to answer the question.“If men were angels, no government would be necessary.” —James Madison, Feder

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Answer:

2. Government is necessary, because people do not always behave perfectly.

Explanation:

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4 years ago

Walters manufactures a specialty food product that can currently be sold for $21.20 per unit and has 19,200 units on hand. Alter

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Answer:

$37,760

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$I_1 = 19,200*\$21.20\\I_1=\$407,040$

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$I_2= 11,200*\$31.80+5,200*\$19.20-\$11,200\\I_2=\$444,800$

Therefore, the incremental net income of processing further would be:

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The incremental net income would be $37,760.

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