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ohaa [14]
3 years ago
9

You have a credit card with a balance of $10,900 and an APR of 17.1 percent compounded monthly. You have been making monthly pay

ments of $215 per month, but you have received a substantial raise and will increase your monthly payments to $265 per month. How many months quicker will you be able to pay off the account
Business
2 answers:
sladkih [1.3K]3 years ago
8 0

Answer:

months quicker = 91 months - 62 months = 29 months

Explanation:

using a financial calculator

SET  calculator to a 12 months interval payments

PV = -$10.900, r= 17.1%, FV=0, ,PMT = $215

COMPUTE N?

N= 90.58 ≈ 91 months

Raise and new pmt =265

N=62.35≈62 Months

VMariaS [17]3 years ago
5 0

Answer:

Approximately 15 months quicker

Explanation:

A = PMT(1+r/100)^t

where r = monthly rate = 17.1/12=1.425%

t= time in months

PMT = monthly payments

A= Amount = $10,900

Case 1; At PMT of $215

Therefore,

10,900 = 215(1 + 0.01425)^t

1.01425^t= 50.7

Solving for t, t= 277.46 months

Case 2; At PMT of $265

Therefore,

10,900 = 265(1 + 0.01425)^t

1.01425^t= 41.13

Solving for t, t= 262.68 months

The months quicker = 277.46 - 262.68 = 14.78 months

Approximately 15 months quicker

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Answer:

The answer is: $29,000

Explanation:

To calculate Job A3B's costs during September we must add direct materials plus 3 times direct labor:

September costs = direct materials + (direct labor x 3) = $1,500 + $9,000

September costs = $10,500

We do the same for October:

October costs: direct materials + (direct labor x 3) = $2,000 + $16,500

October costs = $18,500

The total cost for Job A3B is: $10,500 + $18,500 = $29,000

5 0
3 years ago
The president believes that a $6,200 increase in the monthly advertising budget, combined with an intensified effort by the sale
nirvana33 [79]

<u>Solution and Explanation:</u>

calculating the increase in the net operating income is as follows:

S.no                    Particulars and explanation                    Amount

1.                    Sales ( $268000 + 84000 )                         352000

2. Contribution ( 1 multiply with 40 percent)                      140000

3. Fied expense ( $119200 plus $6200 )                         125400

4. Net operating income ( 2 step minus 3 step)                $14600

therefore, net operating income increased by $ 14600 plus $12000

Note: the sales were not given, so i have taken or assumed. Please change the figure if there is different figure of sales in the question given.

3 0
3 years ago
Benefits are offered by employers to attract good employees
Troyanec [42]

Answer:

its true :))

Explanation:

4 0
3 years ago
Read 2 more answers
During May, Bergan Company incurred factory overhead costs as follows: indirect materials, $8,800; indirect labor, $6,600; utili
Klio2033 [76]

Answer:

Dr Factory Overhead $29,200

Cr Materials 8800

Cr Wages payable 6600 Cr Utilities Payable 4800

Cr Accumulated Depreciation-Factory 9000

Explanation:

Preparation of the entry to record the factory overhead incurred during May.

Dr Factory Overhead $29,200

($8,800 + $6,600 + $4,800 + $9,000)

Cr Materials 8800

Cr Wages payable 6600 Cr Utilities Payable 4800

Cr Accumulated Depreciation-Factory 9000

(To record the factory overhead incurred during May)

8 0
3 years ago
Yeats Corporation's sales in Year 1 were $396,000 and in Year 2 were $380,000. Using Year 1 as the base year, the percent change
Ahat [919]

Answer:

Yeats Corporation

The percent change for Year 2 compared to the base year is -4.04%

Explanation:

a) Calculations:

Year 1 Sales = $396,000

Year 2 Sales = $380,000

Reduction = $16,000

Percentage reduction = $16,000/$396,000 x 100 = 4.04%

This is a reduction, and it is negative.

b) The change in sales is calculated as the difference between year 1 and year 2 sales over the sales in year 1 multiplied by 100.  This is expressed as a percentage by the multiplication by 100.  The percent change describes the relationship between the sales figure in year 1 and the sales figure in 2.  When calculated as above, it shows that sales reduced in year 2 by 4.04% from the sales in year 1.

3 0
3 years ago
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