Answer:
ok and thanks for the points
thanks:)
Answer:
Monthly payment is $840.12
Explanation:
we are given: $70000 which is the present value of the loan Pv
12% compounded monthly where the interest rate is adjusted to monthly where i = 12%/12
the period in which the loan will be repaid in 15years which contain 15x12 = 180 monthly payments which is n
we want to solve for C the monthly loan repayments on the formula for present value as we are looking for future periodic payments.
Pv = C[((1- (1+i)^-n)/i] thereafter we substitute the above mentioned values and soolve for C.
$70000= C[((1-(1+(12%/12))^-180))/(12%/12)] then compute the part that multiplies C in brackets and divide by it both sides.
$70000/83.32166399 = C then you get the monthly loan repayments
C = $840.12 which is the monthly repayments of the $70000 loan.
Answer: Please refer to Explanation
Explanation:
If your employer offers a retirement plan, don’t participate in it. Yes.
Having a retirement plan with your employer especially one in which you are a 100% vested is a drain on your income. It might have benefits in future when you retire but if you want to engage in financial planning, you need to have access to every penny and that includes the money going to the retirement plan.
Don’t bother to set target dates for achieving your financial goals. No
Setting a target date for various amounts in your financial goals enables you to work towards them with more determination. It is important to set target dates.
Pay credit card balances in full each month. Yes
Paying your credit card balance in full every month helps you avoid interest accruing as well as increasing your credit score. It is therefore very important to pay off the balance in full every month which will be easier as long as you charge things to it that you can afford.
Start saving early in life and save throughout your life. Yes.
The more you save the more you have to invest. This is why you should start saving early if you want to engage in financial planning. You need to formulate the determination to save every time. And don't just save for saving's case, save to invest.
Answer:
Debit Notes Payable $45,000; debit Interest Payable $750; debit Interest Expense $750; credit Cash $46,500
Explanation:
The journal entry is given below:
Notes payable $45,000
Interest payable ($45,000 × 10% × 60 ÷ 360) $750
Interest expense ($45,000 × 10% × 60 ÷ 360) $750
To Cash $46,500
(Being payment of notes payable is recorded)
here note payable, interest payable, interest expense is debited as it increased the expenses and decreased the liabilities while on the other hand the cash is credited as it decreased the assets
Explanation:
The divisional structure is a type of organizational structure that groups each organizational function into a division. ... Each division contains all the necessary resources and functions within it to support that product line or geography (for example, its own finance, IT, and marketing departments)
