1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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

You might be interested in
A useful way of standardizing financial statements is to choose a ____ and then express each item relative to the _____.
bulgar [2K]

The most useful way of standardizing financial statements is to choose a _<u>base year</u>,_ and then express each item in the period under review relative to the _amounts____ in the base year.

<h3>What are comparative financial statements?</h3>

Comparative financial statements compare a particular financial statement with previous statements. Previous financial statements are presented in side-by-side columns with the latest figures. With this, investors are able to track a company's progress over some periods and compare the company's financial results and performance with its industry competitors.

Thus, financial statements can be compared using financial ratios, which express the relationships between the various items within a financial statement, or using a base year.

Learn more about comparative financial statements and financial ratios here: brainly.com/question/9091091

4 0
2 years ago
To avoid the difficulties involved in starting a business from scratch, Sana decides to obtain the rights to operate an outlet o
Mariana [72]

Answer:

Franchisee

Explanation:

A franchise business is a form of business arrangement where a business owners , who is known as the franchisor , sells the right to operate its business to another entity known as the Franchisee.

This business arrangement is legally binding an it gives right to the use of the business name , logo ,and model to third party retail outlet.

This explains the type of business arrangement that Sana is planning , considering the explanation given in the question.

8 0
3 years ago
Read 2 more answers
Inventory balances for the Jameson Company in October 2018 are as follows:
lbvjy [14]

Answer:

Total manufacturing costs added to production $186,000

Explanation:

The computation of the total manufacturing cost to be added is given below:

Raw materials,beginning $27,000  

Add: Purchases of direct materials $36,000  

Less: Raw materials,ending -$21,000  

Direct materials used $42,000

Direct labor             $60,000

Factory overhead costs $84,000

Total manufacturing costs added to production $186,000

8 0
3 years ago
Ghana is the largest exporter of cocoa, while Netherland is the largest importer of cocoa. How have the two participating countr
VladimirAG [237]
I believe the correct answer from the choices listed above is the second option. The two <span>participating countries were benefited by global trade in terms of </span><span>economic growth in both the countries. Hope this answers the question. Have a nice day.</span>
3 0
3 years ago
Read 2 more answers
Why might one firm have positive cash flows and be headed for financial trouble?
Katena32 [7]
A cash flow statement merely describes the net change in a company's cash flow in investment, operational, and financial activities at a given period in time. As such, a bad debt in the company's portfolio cannot be reflected correctly in the cash flow statement. A company can also result to selling products at a much lower prices than it purchased them. While this is reflected in the cash flow statement, it does not translate into overall profitability of the concerned company.
6 0
3 years ago
Other questions:
  • Consumer surplus is A. a buyer's willingness to pay for a good plus the price of the good. B. the amount a buyer is willing to p
    10·1 answer
  • INCOME STATEMENT Byron Books Inc. recently reported $13 million of net income. Its EBIT was $20.8 million, and its tax rate was
    10·1 answer
  • The returns on the common stock of Cool Toys are quite cyclical. In a boom economy, the stock is expected to return 23 percent i
    15·1 answer
  • Tom and Mark tell Susan that they are considering expanding store hours and advertising. They wish to concentrate their efforts
    13·1 answer
  • If underproduction occurs in this​ market, and 10 million DVDs are​ produced, consumer surplus is ​$ 30 million and producer sur
    15·1 answer
  • Ridgeway Corporation uses direct labor hours to allocate overhead to Work-in-Process. The company's budgeted overhead is $420,00
    7·1 answer
  • Trust incurred $10,000 of portfolio income. Its corporate trustee paid fiduciary fees of $1,000 therefrom, and also paid $1,000
    6·1 answer
  • Your sister is thinking about starting a new business. The company would require $300,000 of assets, and it would be financed en
    7·1 answer
  • Diaz and Associates incurred the following costs in completing a tax return for a large company. Diaz applies overhead at 50% of
    13·1 answer
  • Most new carmex products are priced between $0. 99 and $2. 99, well within reach of the price-sensitive mass consumer market. Ca
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!