Joey wants to pay for a $3,000 automobile over three years at a 12.5% interest rate with a 20% down payment. His monthly payment will be $79.70.
<h3>What is interest rate?</h3>
The proportion that the lender charges as payment for the loan is known as the interest rate. The annual percentage rate, or APR, seeks to depict the cost of borrowing more accurately. The interest rate, fees, and discount points are all factored into the APR calculation.
<h3>What is the purpose of the interest rate?</h3>
An interest rate informs you of how much borrowing will cost you and how much saving will pay off. Therefore, the interest rate is the amount you pay for borrowing money and is expressed as a percentage of the entire loan amount if you are a borrower.
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Answer:
Quality control
Explanation:
Quality control is a system of maintaining quality by periodically testing a sample of the output to ensure that is within the specifications.
Profit Inc., a manufacturing firm, has purchased raw materials worth $10,000 on credit from its vendors. The business plans to settle the vendor’s full payment after two months. Under "current liabilities"section of balance sheet this account will be recorded as "account payable".
Answer: Option (B) is correct
<u>Explanation:</u>
Raw material purchased on credit from a vendor is a liability and it is shown under current liabilities in "accounts payable". Since raw material purchased on credit and payment is to be made after two months.
Payment due gives rise to liability. Now current liability is a company's short term obligations that are to be paid back within a year. Here the firm will have to make payment within two months to the vendor.
There is only one factor listed here that is internal influeence on a loan's interest and that is the secind one, which is called collateral offered by the borrower. The rest of them are not internal influences, they are a little bit more of external. Hope this works
Answer:
Estimated manufacturing overhead rate= $40 per direct labor hour
Explanation:
Giving the following information:
This period's estimated overhead cost is $100,000 and an estimated direct labor cost of $50,000 and 2,500 direct labor hours.
To calculate the estimated manufacturing overhead rate we need to use the following formula:
Estimated manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base
Estimated manufacturing overhead rate= 100,000/2,500= $40 per direct labor hour
