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1 year ago

On a loan of $32,000 at 7% interest for 6 months, how much do you wind up paying to pay off the loan?.

1 answer:

8 0

The amount to be paid at the end of the loan period will be $33,120. The rate of interest on the loan is given as per annum and hence the interest is to be calculated for 6 months.

<h3>Calculation of settlement amount of loan:</h3>

Given:

$\rm Principal &= \$32,000\\\\Rate &= 7\%\:per\:annum\\\\Tenure = 6\:months$

Interest is calculated from the following formula:

$\rm Interest = Principal\times Rate \times Tenure$

Hence the interest for the loan will be:

$\begin{aligned}\rm Interest &= \$32,000\times 7\% \times 6\: months\\\\&= 32,000 \times \dfrac{7}{100}\times \dfrac{6}{12}\\\\&= \$1,120\end$

The final payment for the loan will be the combination of principal and interest.

Therefore final payment = $32,000 +$1,120

= $33,120

Learn more about the topic here:

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CAN SOMEBODY PLEASE ANSWER ASAP WITH 100% CORRECT ANSWER

natima [27]

Answer:

Explanation:

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3 years ago

From time to time, various groups clamor for import restrictions or tariffs on foreign-produced goods, particularly automobiles.

Misha Larkins [42]

Tariffs can be helpful if the imports are unfairly cheaper than the domestic counterparts. This would level the playing field and help the domestic companies compete more effectively.

Tariffs can be harmful for consumers because there is strong possibility that the increased costs will raise consumer prices.

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2 years ago

Information for Basic Factory, Inc., as if December 31 follows:

gavmur [86]

Answer:

Basic Factor, Inc.

Cost of Goods Manufactured statement for the year ended December 31:

Opening Raw Materials Inventory = $88,000

Direct Materials = $180,000

Total cost of raw materials available = $268,000

Less Closing Raw Materials Inventory = $68,000

Cost of raw materials used in production = $200,000

Opening goods in process inventory = $25,000

Cost of raw materials used in production = $200,000

Direct Labour = $88,000

Factory Supplies = $9,500

Total Direct Cost = $322,500

Less closing goods in process inventory = $29,800

Prime Cost = $292,700

add Fixed Factory Cost:

Depreciation of Equipment = $27,000

Factory Rent = $20,000

Factory Utilities = $16,000

Factory Insurance = $17,000

Cost of Manufactured Goods = $372,700

Explanation:

Cost of manufactured goods is the managerial accounting term used to describe the total cost incurred in producing goods. It includes not only the variable costs, but also the fixed costs of production.

A step-by-step method of preparing the statement of Cost of Manufactured Goods (COGM) yields the costs of raw materials available for production, the cost of raw materials used, the total direct cost, and the prime cost.

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2 years ago

Which of the following personal property items has the HIGHEST specific limitation on coverage?

Charra [1.4K]

The personal property items that have the HIGHEST specific limitation on coverage are jewelry, watches, and precious stones or metals because they are saved in a location, especially in banks

<h3 /><h3>The properties having HIGHEST specific limitation on coverage.</h3>

A limit is the highest amount your insurer will pay for a claim that your insurance policy covers.

Some of these specific limits apply to a building or personal property at a single location.

From the listed option, the personal property items that have the HIGHEST specific limitation on coverage are jewelry, watches, and precious stones or metals because they are saved in a location, especially in banks

Learn more on specific limitations on coverage here: brainly.com/question/27015627

8 0

1 year ago

The partnership of Anderson, Berry, Hammond, and Winwood is being liquidated. It currently holds cash of $20,000 but no other as

Rashid [163]

Answer:

a. Contribution from Berry = $6,000

b-1. Contribution from Hammond = $22,556

b-2. Disbursement shall be:

Anderson = $8,889

Berry = $3,667

c. Amount to be received by Anderson on Liquidation = $11,500

Explanation:

As for the provided information we have,

Capital balances

Anderson 40% $20,000

Berry 30% $12,000

Hammond 20% $17,000 (Deficit)

Winwood 10% $25,000 (Deficit)

a. Total deficit in this case will be = Share of Hammond + Winwood = $17,000 + $25,000 = $42,000

Berry's share = $\frac{30}{30+40} \times 42,000 = 18,000$

Since Berry's current balance = $12,000

Contribution required = $18,000 - $12,000 = $6,000

b-1. Total deficit of Winwood = $25,000

Hammond share = $\frac{20}{20+30+40} \times 25,000 = 5,556$

Hammond's current balance = - $17,000

Thus, contribution from Hammond = $5,556 + $17,000 = $22,556

b-2. Total deficit balance = $17,000 + $25,000 = $42,000

Total sufficient balance = $20,000 + $12,000 = $32,000

Net deficit balance = $42,000 - $32,000 = $10,000

Anderson share in Deficit of Winwood = $25,000 \times \frac{40}{40 + 30 +20} = 11,111$

Thus, net capital of Anderson = $20,000 - $11,111 = $8,889

Berry's share in deficit of Winwood = $25,000 \times \frac{30}{40+30+20} = 8,333$

Thus, net capital from Berry = $12,000 - $8,333 = $3,667

c. Total deficit from Hammond = $17,000

Anderson share = $17,000 \times \frac{40}{40+30+10} = 8,500$

Anderson's current balance = $20,000

Amount extra contributed by Anderson = $20,000 - $8,500 = $11,500

Thus, Anderson will receive $11,500 on liquidation.

Final Answer

a. Contribution from Berry = $6,000

b-1. Contribution from Hammond = $22,556

b-2. Disbursement shall be:

Anderson = $8,889

Berry = $3,667

c. Amount to be received by Anderson on Liquidation = $11,500

3 0

3 years ago