Tanisha lives with her older sister and helps with the rent by paying $500 per month. Her annual salary as a child care special
ist is $14,700 after taxes. Shopping is her favorite pasttime and loves buying new things, but she also wants to save money for her college classes. Select the budget that would best help meet her goals.
a.Budget A
b.Budget B
c.Budget C
d.Budget D
a.Budget A
b.Budget B
c.Budget C
d.Budget D
2 answers:
Answer: Option 'B' is correct.
Step-by-step explanation:
Annual salary of her = $14700
Monthly salary would be
She wants to purchase new things after spending on expenses and save money for her college classes.
According to options :
We can consider Budget B and D as the monthly salary is correct in these budgets only, i.e. $1225.
In Budget B,
Total money she saved = $400
In Budget D,
Total money she saved = $400
So, Budget B is the best which helping meet her goals.
Hence, Option 'B' is correct.
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Answer:
100% of the 2nd monthly payment go toward the repayment of principal.
Step-by-step explanation:
The loan taken is the Principal which is mentioned as $72,500 with interest at a nominal rate of 20%. Firstly, it is important to understand that nominal rate means <em>non-compounding </em>rate. Simply put will be a "<em>one-time charged" </em>rate on the loan. Since this is given as 20% of the Principal. It is calculated thus: ×
= $14,500. So the interest on the loan is $14,500. Added to the Principal the total amount to be paid back by the company becomes: $72,500 + $14,500 = $87,000. To pay back this amount at equal end-of-month installments in 1 year (12 months), we divide the total amount by 12. i.e
= $7250. This means, the monthly payment will be $7,250. Since the monthly payment pays only 10% of the initial principal $72,500. By the second month only 20% of the Principal would have been paid. So all of the monthly payment will go towards repaying the principal