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(Annuity payments) Calvin Johnson has a 5000 debt balance on his Visa card that charges 12.9 percent APR compounded monthly. In

olya-2409 [2.1K]

Answer:

41.49 approx 42 months

Explanation:

To calculate the number of months, we use the formula for loan

p = r(pv) / 1 - (1+r)-n

make n subject of the formula

p ( 1 - ( 1+r) ^-n) = r(pv)

p - p (1+r)^-n = r(pv)

p (1+r)^-n = p-r(pv)

(1+r)^-n = (p-r(pv)) / p

( 1+r)^n = p / (p-r(pv))

n In( 1+r) = In (p / (p-r(pv))

n = In ( p/ ( p - r(pv)) / In ( 1 +r)

n is the number of months, p is the payment per months

pv is the present value of 5000

substitute the values given into the equation

n = (In ( 150 / (150 - ( 0.129 / 12 × 5000)) / ( In ( 1 + ( 0.129 / 12) = 41.49 approx 42 months

8 0

2 years ago

Read 2 more answers

Parvis makes all sales on account, subject to the following collection pattern: 20% are collected in the month of sale; 70% are

Bumek [7]

Answer:

Balance as on 31st December = $46,000

Explanation:

Sales October November December Balance

October $70,000 $14,000 $49,000 $7,000 $0

November $60,000 $12,000 $42,000 $6,000

December $50,000 $10,000 $40,000

Balance as on 31st December $46,000

Workings

October: 20% of 70,000 = 14,000, 70% of 70,000 = $49,000, 10% of 70,000 = $7,000

November = 20% of 60,000 = 12,000, 70% of 60,000 = $42,000, Balance = 60,000 - (12,000+42,000) = $6,000

December = 20% of 50,000 = $10,000, Balance = 50,000 - 10,000 = $40,000

3 0

1 year ago

Under normal conditions (70% probability), Plan A will produce $20,000 higher return than Plan B. Under tight money conditions (

Lorico [155]

Answer:

A. ($16,000)

Explanation:

The computation of the expected value of return equal to

= (Higher return × probability rate) - (Less return - probability rate)

= ($20,000 × 70%) - ($100,000 × 30%)

= $14,000 - $30,000

= - $16,000

For computing the correct value we have to deduct the tighter money conditions from the normal conditions.

3 0

2 years ago

Abe receives a check from Bea for fixing Bea's car. Bea's bank is Bank B. Abe deposits the check into his bank, Bank A. Select a

pentagon [3]

Answer:

Bank A increases its reserves at the Federal Reserve Bank by more than the amount of the check.

Bank A increases Abe's checkable deposits by the amount of the check.

Total reserves in the banking system remain unchanged.

Explanation:

In the case when Abe received the check from bea in order to fixed out the bea car so here Bank A should increased the reserve that should be exceed the check amount

Also it increased the abe checkable deposit via the amount check and the total reserves should remain the same

These should be considered

3 0

1 year ago

Today's consumers do not need to rely on marketer-supplied information about products and services because they can use ________

MariettaO [177]

Answer:

The answer to the question would be C

Explanation:

Without a doubt, the economic crisis has changed the way consumers approach the market for goods and services. In this new era, austerity, discounts and the search in different channels of the best price / benefit ratio dominate.

Of course, technology and the Internet are the best allies of the consumer who wants to be informed: thanks to smartphones, bar scanners, social networks or websites that compare prices or offer discounts, we are the buyers with more prior information on what we want or need to acquire.

4 0

2 years ago