A store manager obtained a loan of $25,000, at 6 3/8% interests, for 15 months to purchase
Question:
A store manager obtained a loan of $25,000, at 6 3/8% interests, for 15 months to purchase supplies. Find the amount of simple interest. (Round to the nearest cent)
a. $2,502.25
b. $1,992.19
c. $2,125.37
d. $1,721.13
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 84% (13 reviews)
Simple inte...View the full answer
Answered By
Anurag Agrawal
I am a highly enthusiastic person who likes to explain concepts in simplified language. Be it in my job role as a manager of 4 people or when I used to take classes for specially able kids at our university. I did this continuously for 3 years and my god, that was so fulfilling. Sometimes I've skipped my own classes just to teach these kids and help them get their fair share of opportunities, which they would have missed out on. This was the key driver for me during that time. But since I've joined my job I wasn't able to make time for my passion of teaching due to hectic schedules. But now I've made a commitment to teach for at least an hour a day.
I am highly proficient in school level math and science and reasonably good for college level. In addition to this I am especially interested in courses related to finance and economics. In quest to learn I recently gave the CFA level 1 in Dec 19, hopefully I'll clear it. Finger's crossed :)
4.80+
2+ Reviews
10+ Question Solved
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Question Posted:
Students also viewed these Cost Accounting questions
-
On April 23, 2014, Starlight Department Stores, Inc., acquired a 75-acre tract of land by paying $25,000,000 in cash and by issuing a six-month note payable for $5,000,000 and 1,000,000 shares of its...
-
On April 23, 2017, Starlight Department Stores, Inc., acquired a 75-acre tract of land by paying $25,000,000 in cash and by issuing a six-month note payable for $5,000,000 and 1,000,000 shares of its...
-
Rene Ritter opened a small grocery and related-products convenience store in 1989 with money she had saved working as an A&P store manager. She named it Ritter Dairy and Fruits. Because of the...
-
The registrar at a prominent northeastern university recently scheduled an instructor to teach two different classes at the same exact time. Help the registrar prevent future mistakes by describing a...
-
Why are adjusting entries made after the bank reconciliation is completed? Give an example of an item on a bank reconciliation which requires an adjusting entry.
-
Consider a noninverting op-amp circuit. Describe the type of input and output feedback connections.
-
\(37.12+98=98+37.12\) Identify the property of real numbers that is being illustrated.
-
The controller of Furgee Industries has collected the following monthly expense data for use in analyzing the cost behavior of maintenance costs. Instructions (a) Determine the fixed- and...
-
27. Union Pacific reported net income of $800 million in 1993 after interest expenses of $300 million. The corporate tax rate was 36%. It reported depreciation of $900 million in that year, and...
-
Case Study: Quick Fix Dental Practice Technology requirements Application must be built using Visual Studio 2019 or Visual Studio 2017, professional or enterprise. The community edition is not...
-
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows. Required...
-
A firm is considering investing $10 million today to start a new product line. The future of the project is unclear however and depends on the state of the economy. The project will last 5 years. The...
-
What are the basic similarities and differences between production management and service operations management?
-
Milo receives a commission of 2% on all sales. If his commission on a sale was $31.00 , find the cost of the item he sold.
-
How does International Benefits work? what issues need further research with international benefits? example of a international company benefit.
-
Lillibridge & Friends, Incorporated provides you with the following data for its single product: Sales price per unit Fixed costs (per quarter): Selling, general, and administrative (SG&A)...
-
How many minutes would you have to walk in November so that your mean for the 11 months would be 2 percentage points more than your mean for the 10 months? 178 + 182 + 188 +198 + 205 +219 +230 + 245...
-
Your restaurant bill is $123.50. If you want to leave a 15% tip, how much will you spend?
-
A certain molecule has a non-degenerate excited state lying at 540 cm 1 above the non-degenerate ground state. At what temperature will 10 per cent of the molecules be in the upper state?
-
Identify the Critical Infrastructure Physical Protection System Plan.
-
Represent the Carnot cycle on a temperature-entropy diagram and show that the area enclosed by the cycle is equal to the work done.
-
Prove that the perfect gas temperature scale and the thermodynamic temperature scale based on the Second Law of thermodynamics differ from each other by at most a constant numerical factor.
-
Evaluate (ClS/ClV)]' for (a) A van der Waals gas, (b) A Dieterici gas (Table 1.7). For an isothermal expansion, for which kind of gas (and a perfect gas) will /).5be greatest? Explain your conclusion.
-
What type of meat does shari typically restrict consumption of ? Question 9 Answer a . chicken b . pork c . beef d . venison
-
QUESTION 1 8 In the bond market, the bond demanders are the _ _ _ _ _ _ _ _ and the bond suppliers are the _ _ _ _ _ _ _ _ . A . lenders; borrowers B . lenders; advancers C . borrowers; lenders D ....
-
If a technological advancement becomes available, the demand for _ _ _ _ _ _ _ _ labor may decrease because the new tech may be viewed as a _ _ _ _ _ _ _ . Question 2 options: a ) high - skill;...
Study smarter with the SolutionInn App