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avanturin [10]
3 years ago
12

You need some money today and the only friend you have that has any is a miser. He agrees to loan you the money you need, if you

make payments of $30 a month for the next six months. In keeping with his reputation, he requires that the first payment be paid today. He also charges you 2 percent interest per month. How much total interest is he charging?
Business
2 answers:
Art [367]3 years ago
8 0

Answer:

$8.6

Explanation:

Calculation for How much total interest is he charging

First step is to calculate the present value (PV) using financial calculator by using this formula

PV=PV(Rate,Nper,PMT,FV,Type)

Rate represent Interest Rate

Nper represent Period

PMT represent Payment

FV represent Future Value

Type = 1 which represent the annuity due reason been that the 1st payment is to be made today

Let plug in the formula

Rate = 2%

Nper = 6

PMT = $30

FV = 0

Type = 1

Hence,

PV = PV(2%,6,30,0,1)

PV= $171.40

Since we have known the PV the last step is to calculate the total interest

Using this formula

Total interest =( PMT*Nper)-PV

Let plug in the formula

Total interest = ($30*6) - $171.40

Total interest = $180 - $171.40

Total interest = $8.6

Therefore the amount of the total interest he will be charging is $8.6

Mrac [35]3 years ago
6 0

Answer:

$8.6

Explanation:

I/Y = Rate = 2.0

PMT =  -$30

N =  6

Future Value =  $0.00

First we need to set the calculator to annuity due and calculate the CPT PV. We get the Value of loan, $171.40

Interest payment = PMT x 6 - Present value of loan

Interest payment = $30*6 - $171.40

Interest payment = $180 - $171.40

Interest payment = $8.6

Thus, the total interest he is charging is $8.6

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tangare [24]

Answer: The benefits of giving are not only reaped by the gift receivers, but also by the giver themselves in terms of their health and happiness.

Explanation: I hope that helped.

8 0
3 years ago
Chuck has AGI of $71,600 and has made the following payments
kodGreya [7K]

Answer: $4,690

Explanation:

From the above, Chuck can include the following with his itemized deductions,

County Real Estate Tax,

School District Tax on Realty,

State Income Tax estimated Payments and

State income tax withholding.

Calculating the above,

= 950 + 670 + 1,010 + 2,060

= $4,690

the amount of taxes that Chuck can include with his itemized deductions is $4,690.

7 0
3 years ago
The process of checking products to make sure they meet a company's standards is known as
disa [49]
Usually this is known as quality control
4 0
3 years ago
Traditional project management focuses on thorough planning up front. such planning requires ____.
vivado [14]

Traditional project management focuses on thorough planning up front. Such planning requires predictability.

The traditional project management is a practice which includes a set of developed techniques which are used in order for planning, execution, monitoring, closure, and estimating. Here the projects are run in a sequential cycle.

The planning which is done in traditional project management, this planning requires predictability. Thus, the predictability is considered an important factor here. A traditional project management focuses on upfront planning where factors like cost, scope, and time are given importance.

Hence, the entire project is planned upfront without any scope for changing requirements.

To learn more about traditional project management here:

brainly.com/question/28139249

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4 0
2 years ago
Which of the following statements is FALSE?A. The effect of compounding is great over short time periods, but then it begins to
Ede4ka [16]

Answer:

The false statement is letter "A": The effect of compounding is great over short time periods, but then it begins to decline as the horizon grows.

Explanation:

Interest on interest or Compound Interest is the money accrued out of an interest rate plus all the interest earned accumulated on a certain period of time. The compound interest can be calculated on a daily, monthly or yearly basis. If the frequency of the compound interest is set in shorter periods of time, it will be more beneficial for the investor.

In that sense, option letter "A" is false since interest on interest does not decline over time but increases.

6 0
3 years ago
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