Answer:
$545
Explanation:
The total amount of interest to be paid is obtained by the formula.
I= p x r x t,
Where I= interest
P= principal amount
R= interest rate
T= time
In this case
I= $18,000 x 3/100 x 3
I= $18,000 x 0.03 x 3
I=$18,000 x 0.09
Interest paid will be $1,620
Total amount to be repaid is the principal amount plus interest
=$18,000 + $1,620
=$19,620.
The amount of $19,620 will be repaid in 3 years( 36 months)
monthly payment will be
=$19,620 /36
=$545
Monthly repayments will be $545
Answer:
set above the equilibruim price
Answer:
Economics is a social science concerned with the production, distribution, and consumption of goods and services. It studies how individuals, businesses, governments, and nations make choices about how to allocate resources. ... The building blocks of economics are the studies of labor and trade.
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Answer:
A. A system composed of twelve privately owned regional banks that were regulated by the Federal Reserve Board
Explanation:
The Federal Reserve System ( popularly referred to as the 'Fed') was created by the Federal Reserve Act, passed by the U.S Congress on the 23rd of December, 1913. The Fed began operations in 1914 and just like all central banks, the Federal Reserve is a United States government agency.
Generally, it comprises of twelve (12) Federal Reserve Bank regionally across the United States of America.
Hence, the type of banking system that the Federal Reserve Act of 1913 establish is a system composed of twelve privately owned regional banks that were regulated by the Federal Reserve Board.
Like all central banks, the Federal Reserve is a government agency that is saddled with the following responsibilities;
I. The Fed controls the issuance of currency in United States of America: it promotes public goals such as economic growth, low inflation, and the smooth operation of financial markets.
II. It provides banking services to all the commercial banks in the country because the Federal Reserve is the "lender of last resort."
III. It regulates banking activities in the United States of America: it has the power to supervise and regulate banks.
Also, the Fed is saddled with the responsibility of selling government securities such as treasury bills to the public.
Answer: Double taxation of dividend
Explanation: Double taxation of dividends refers to the taxes paid on dividends. Tax is first paid on the portion of the profit realized by a corporation which is to be shared among the shareholders. This portion of the corporation's profit is called dividend and the tax paid by the corporation is called the corporate income tax. After the dividends has been shared, each shareholder then pays a personal income tax on the respective amount received as dividend.
