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alekssr [168]
2 years ago
5

Your bank card has an APR of 21% and there is a 3% fee for cash advances. The bank starts charging interest on cash advances imm

ediately. You get a cash advance of $500 on the first day of the month. You get your credit card bill at the end of the month. What is the approximate total finance charge you will pay on this cash advance for the month
Business
1 answer:
avanturin [10]2 years ago
6 0

Answer:

Total finance charge=$23.75

Explanation:

<em>The amount charged for the use of the fund by a bank is called interest rate. Here it is quoted as 21% per annum but we will need to determine the approximate monthly rate by dividing by 12</em>.

The total finance charge will be equal = Interest rate + advance fee

Monthly interest rate = 21/12 =1.75%

Interest payment = 1.75%× $500=$8.75

Advance fee = 3%× $500= $15

Total finance charge = $8.75 +  $15= $23.75

Total finance charge=$23.75

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Answer:

Clem should specialise in wheat production because he has higher profits there

Explanation:

Clem needs to make a decision on the product that will maximise his profits and not just the number of units of products he can manufacture.

If he produces only wheat he will have profit of 75 bushels * $2 = $150

If he produces only barley his profit will be 125 bushels * $0.80 = $100

This shows that wheat is more profitable for Clem. Even though he can produce more units of barley.

6 0
3 years ago
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3 years ago
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FrozenT [24]

Answer:

<u>Skills inventory</u>

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2 years ago
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muminat

Answer:

The correct answer is A that is late start date.

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The date is grounded on the date when the task is started and also on the late start of the task, late finish dates of the tasks predecessor and the successor as well and also on other constraints.

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