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
Arlecino [84]
2 years ago
6

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

Business
1 answer:
RideAnS [48]2 years ago
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:

brainly.com/question/2284847

You might be interested in
In early 2018 businesses bought more inventory, increasing GDP. What would happen
puteri [66]

Answer:

If a company increases its final goods inventory level, that will increase the country's GDP even if the goods are not sold during the current period (they will be sold in future periods). Increases in inventory level are considered part of Investment component of the GDP.

If the inventories are not sold during the year (2018) and if they continue to be  unsold during part of 2019, that will negatively affect the GDP because fewer goods will be purchased to replenish these inventories and the market price of the goods will also decrease. The market price of goods is determined by the supply and demand. If the supply is much higher than the demand and inventories start to pile up, their price will decrease in order to increase the quantity demanded. If the volume of the goods in inventory is significant enough, this should lower the inflation rate.

4 0
3 years ago
Jill earns a salary of $425.00 per week, plus a commission of 20% on all sales. Last week she sold $1,123 worth of goods. How mu
ch4aika [34]
To find 20% of the value of the goods,
1,123 x 20% (this is the same as 1,123 x 0.2)
= 224.6

Add the salary and the commission,
425.00 + 224.6
= 649.60

Therefore Jill was paid $649.60 last week

4 0
3 years ago
Read 2 more answers
Stephanie Archer has been saving her money to buy a BMW convertible. Archer has spent hours on the BMW Web site choosing the ext
valentinak56 [21]

Archer has been using BMW's marketing Web site. This is a <u>true</u> statement.

<u>Explanation</u>:

A website is a collection of web pages that provides content related to the search. Many businesses have separate website for featuring and selling their product.

In the above scenario, Stephanie was surfing marketing website of the BMW Company. She wishes to purchase a BMW convertible car. So she was saving money to purchase it. Stephanie spent many hours on the BMW website to study about the various options and models available in the car. She was also choosing the interior and exterior colors of the car.

6 0
3 years ago
At the start of football season, the ticket office gets very busy the day before the first game. Customers arrive at the rate of
ipn [44]

Answer:

(a) 3.2

(b) 10 minutes

(c) 0.8

Explanation:

Mean number of customer in service:

= Arrival rate ÷ service rate

= 24 in 60 min ÷ 30 in 60 min

= 24 ÷ 30

= 0.8

a) Average number of people in line:

= (Mean number of customer in service × arrival rate) ÷ (Service rate - arrival rate)

= 0.8 × (24 ÷ 6 )

= 3.2

b) Average time spend at the ticket office is = 10 minutes

c) Proportion of time server is busy:

= Arrival rate ÷  service rate

= (24 in 60 min ÷  30 in 60 min)

= 24 ÷ 30

= 0.8

7 0
3 years ago
Which is an example of a short-term investment
Alenkasestr [34]
Money market accounts
3 0
3 years ago
Other questions:
  • Bountiful company had sales of $650,000 and cost of goods sold of $200,000 during a year. the total assets balance at the beginn
    7·1 answer
  • A country has been in existence for only two years. In the first​ year, receipts were​ $1.0 million and outlays were​ $1.5 milli
    13·1 answer
  • If a firm has high current and quick ratios, this always is a good indication that a firm is managing its liquidity position wel
    7·1 answer
  • Ursus, Inc., is considering a project that would have a ten-year life and would require a $3,330,000 investment in equipment. At
    15·1 answer
  • Zenith Consulting Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts
    12·1 answer
  • Wavetel, a hardware company based in Europe, acquires Telior, its competitor in a neighboring country. Identify the market-entry
    12·1 answer
  • Please help help help
    13·1 answer
  • They are chasing a dog convert into passive voice​
    13·1 answer
  • A+b+c=4<br> aa+bb+cc=10<br> aaa+bbb+ccc=22<br> aaaa+bbbb+cccc=???
    5·1 answer
  • On January 1, 2021, Morris Enterprises issued 9%, 5-year bonds with a face amount of $900,000 at par. Interest is payable annual
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!