FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In his online banking app, Lao set automatic payments of $12 to be made at the beginning of each day towards the balance of his

In his online banking app, Lao set automatic payments of $12 to be made at the beginning of each day towards the balance of his credit line. If it took Lao 5 years and 195 days to pay off the balance, what was the amount of the balance? The credit line charged 10% compounded daily.

Step by Step Solution

★★★★★

3.45 Rating (164 Votes )

There are 3 Steps involved in it

Step: 1

python import datetime Calculate the number of days days 5 365 195 Calculate the interest rate ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Banking questions

Question

★★★★★
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...

Answered: 1 week ago

Question

★★★★★
A small consulting company wants to make the switch to QuickBooks Online. All of their expenses are paid at the time they are incurred, so there is no need to track bills in the system. There is only...

Answered: 1 week ago

Question

★★★★★
A tape player has three operations: play, fast forward and fast play. Play and fast forward are activated using the play and fast forward button respectively. These operations can be cancelled using...

Answered: 1 week ago

Question

★★★★★
A 140-kg astronaut (including space suit) acquires a speed of 2.50 m/s by pushing off with his legs from an 1800-kg space capsule. (a) What is the change in speed of the space capsule? (b) If the...

Answered: 1 week ago

Question

★★★★★
4 Suppose the post office had 25 full-time employees and was not allowed to hire or fire any employees. Formulate an LP that could be used to schedule the employees in order to maximize the number of...

Answered: 1 week ago

Question

★★★★★
2. Use specific (and, if possible, colorful) names instead of it, them, and thing.

Answered: 1 week ago

Question

★★★★★
In the coming year, Gascon Company expects to sell 74,600 units at $30 each. Gascons controller provided the following information for the coming year. Units production .............80,000 Unit...

Answered: 1 week ago

Question

★★★★★
which accounts normally have debit balances

Answered: 1 week ago

Question

★★★★★
Sgt. Barnes is a veteran police officer filing as Head of Household. Currently, her taxable income is $50,000, but has been asked to sit for the Leutenant's exam. She is excited about the opportunity...

Answered: 1 week ago

Question

★★★★★
Whales, Inc. produces Item D, Item E, and Item F. Considerable market demand exists for all products. The following per unit data apply: Item D Selling price $72 Direct materials 8 Direct labor ($16...

Answered: 1 week ago

Question

★★★★★
Calculate the earnings after tax and dividends under each of the following two financing options based on the document: stock financing: $20 million with 8 percent annual dividend.

Answered: 1 week ago

Question

★★★★★
Assume that the clamp shown has been tightened on wooden planks being glued together until P = 300 N. NOTE: This is a multi-part question. Once an answer is submitted, you will be unable to return to...

Answered: 1 week ago

Question

★★★★★
The S-N-curve for an elastic material is characterized by the Basquin relationship, = C.N where C is a material constant, is the stress amplitude, Nr is the number of fully-reversed- stress cycles to...

Answered: 1 week ago

Question

★★★★★
2. Write a clarifying statement for your top five prioritized values. Answer the question, "What does this value really mean to me?" If you were living that value perfectly, what would your behaviour...

Answered: 1 week ago

Question

★★★★★
When a failure-to-extract malfunction is experienced in the AR platform, the barrel must be removed in order to properly replace the extractor

Answered: 1 week ago

Question

★★★★★
Clay Electrical Ltd. has an Accounts Receivable balance of $350,000 as of December 1, 2020 and an Allowance for Doubtful Accounts balance of $25,000. Credit sales during the month were $125,000 with...

Answered: 1 week ago

Question

★★★★★
A fast-food restaurant averages 150 customers per hour. The average processing time per customer is 90 seconds. a. Determine how many cash registers the restaurant should have if it wishes to...

Answered: 1 week ago

Question

★★★★★
Laura is a single taxpayer living in New Jersey with adjusted gross income for the 2012 tax year of $35,550. Laura's employer withheld $3,300 in state income tax from her salary. In April of 2012,...

Answered: 1 week ago

Question

★★★★★
Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen,...

Answered: 1 week ago

Question

★★★★★
Greg died on July 1, 2012, and left Lea, his wife, a $50,000 life insurance policy which she elects to receive at $5,000 per year plus interest for 10 years. In the current year, Lea receives $6,200....

Answered: 1 week ago

Question

★★★★★
The director of special events for Sun City believed that the amount of money spent on fireworks displays on the 4th of July was predictive of attendance at the Fall Festival held in October. She...

Answered: 1 week ago

Question

★★★★★
Refer to the Buena School District bus data. First, add a variable to change the type of bus (diesel or gasoline) to a qualitative variable. If the bus type is diesel, then set the qualitative...

Answered: 1 week ago

Question

★★★★★
The Conch Caf, located in Gulf Shores, Alabama, features casual lunches with a great view of the Gulf of Mexico. To accommodate the increase in business during the summer vacation season, Fuzzy...

Answered: 1 week ago

Previous Question Next Question