Leyla transferred a balance of $2500 to a new credit card at the beginning of the year. The card offered an introductory APR of 3.9% for the first 3 months and a standard APR of 28.8% for the rest of the year. Leyla made no payments or new purchases during the year, and she wasn't charged any late payment fees. The credit card compounds interest monthly. Help Leyla figure out how much money the introductory APR saved her over the course of the year. (5 points: Part I – 1 point; Part II – 1 point; Part III – 1 point; Part IV – 1 point; Part V – 1 point) Part I: What was Leyla's balance at the end of the introductory period? Part II: For how many months during the year did Leyla have the standard APR? Part III: What was Leyla's balance at the end of the year? Part IV: What would Leyla's balance have been at the end of the year had there not been an introductory APR? Part V: How much money did the introductory APR save Leyla over the course of the year?
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Initial balance: 2,500
introductory APR: 3.9% for the first 3 months
standard APR: 28.8% for the last 9 months.
3.9% / 100% = 0.039
0.039 / 360 * 30 = 0.00325 monthly rate for the 1st 3 months.
28.8% / 100% = 0.288
0.288 / 360 * 30 = 0.024 monthly rate for the next 9 months.
The total balance at the end of the year is 3,125.12
If Standard APR was used all through out, the total balance at the end of the year would be: 3,323.07
Introductory APR helped save:
3,323.07 - 3,125.12 = 197.95
Pls see attachment for the table I made:
Interest = Previous balance * interest rate
Ending balance = previous balance + interest
Related Questions
News channels (CNN, FOX, MSNBC, LOCAL NEWS) are best used for:
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A piece of equipment costs $1.2m. the equipment has a useful life of 4 years. in each of the four years, the investment generates a cash inflow of $0.5m. the impact of the investment project on net income is derived by subtracting depreciation from cash flow each year. assuming the equipment is depreciated on a straight-line basis over 4 years, what is the average contribution to net income across all four years
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Cost of equipment÷useful life
1.2m÷4 years=0.3m
The average contribution to net income across all four years is
0.5m−0.3m=0.2m
The answer is 0.2m
All licensees should give earnest money checks to their sponsoring broker immediately who must deposit said earnest money by
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the earnest money check is the amount of money that being put in the escrow amount after the deal is done (the account is held by the estate broker)
Final answer:
Earnest money in real estate transactions and the role of a sponsoring broker in handling the money.
Explanation:
In real estate, earnest money refers to a deposit made by a buyer to demonstrate their intention to purchase a property. The money is typically given to the seller's real estate agent or escrow company. The purpose of earnest money is to show the seller that the buyer is serious about the transaction and provides some financial security in case the buyer fails to fulfill their obligations as stated in the purchase agreement.
In this question, it is stated that all licensees should give their earnest money checks to their sponsoring broker immediately. The sponsoring broker is the individual or company that holds the real estate license for the licensee. The purpose of immediately giving the earnest money to the broker is to ensure that it is promptly and properly deposited into an escrow account or other appropriate account. This helps protect the buyer's interests and ensures that the money is handled in accordance with applicable laws and regulations.
To summarize, the subject of this question is real estate law, and more specifically, the handling of earnest money in a real estate transaction.
If consumers expect a shortage of consumer goods in the future, what will happen to output and price level?
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Expectation of future shortages leads to increased aggregate demand, potentially causing a temporary rise in output. However, it would likely result in higher price levels due to reduced supply, eventually leading to inflation.
If consumers anticipate a shortage of consumer goods in the future, this will likely lead to an increase in aggregate demand as consumers attempt to purchase goods before the shortage occurs.
This rise in demand can cause a temporary increase in output as firms try to meet the higher demand, but over time, if the anticipated shortage materializes, production might decline due to limited availability of raw materials or production capacity. As a result, the overall effect would be higher price levels due to increased demand and reduced supply, potentially resulting in inflation if the trend continues.
An amount of $40,000 is deposited in a bank that pays interest at the rate of at 9%/year compounded annually. what is the total amount on deposit at the end of 10 years, assuming there are no deposits or withdrawals during those 10 years?
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Jamey did a lot of research on his paper topic but can't figure out where to start writing. He has a loose plan in mind, but it's very unclear. What should Jamey do?
A. He should write an outline first to plan his paper.
B. He doesn't need a plan; he should just sit down and start writing.
C. His thesis is weak; he should revise his thesis first.
D. He should write down all of his research and organize it before writing.
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Jamey should start by writing an outline to organize his thoughts and research for his paper. An outline helps outline the main ideas and supporting evidence in a logical sequence, which can evolve during the writing process. This approach will guide him through drafting, where he can put words on paper and revise as needed.
Explanation:Jamey should definitely start by writing an outline to better organize his thoughts and research. This approach lets him structure his paper before diving into the writing process, ensuring that his ideas flow logically. He can sketch out the main ideas, supporting evidence, and arrange them in a sequence that makes sense. As he writes, Jamey might find that his plan evolves, and that's okay—it's part of the process. Writing an outline is beneficial as it helps see how different concepts relate and can be effectively structured in the paper.
An outline can also act as a guide during the drafting phase. This is the stage where Jamey should start putting words on the paper, following the outline but also noting down any new ideas that emerge. The drafting process isn't about perfection; it's about beginning to shape the paper, and it is expected that the first draft will go through revisions.
To further aid the organization of his paper, Jamey can use a graphic organizer and ensure that he has a working thesis at the center of his paper. As ideas solidify and the analysis progresses, revisiting and possibly revising the thesis may be necessary. By breaking down the task into these manageable steps, Jamey will be well on his way to writing a coherent and well-argued paper.
A cooling tower a. is controlled by a thermostat. b. cools water as it flows through pipes. c. cools water through insulation. d. causes thermal pollution.
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A cooling tower is used to remove excess heat from water in power plants through evaporative cooling, helping to condense steam back into water and prevent thermal pollution of natural water bodies.
Explanation:A cooling tower is a structure that is used to remove heat from water in power plants, industrial facilities, and HVAC systems. Specifically, in power plants such as nuclear and coal-fired stations, the cooling tower facilitates the condensation of steam from the turbine back into water, which can then be reused in the steam cycle. Through the process of evaporative cooling, hot water from the system is cooled as it comes into contact with air in the tower, and water vapor is released into the environment. This is a crucial part of the plant's operation as it helps to manage the temperature of the water and prevent thermal pollution, which is the release of heated water back into natural bodies of water, potentially harming the ecosystem by reducing dissolved oxygen levels and raising the water temperature.
Good designs offer users as many alternatives as possible
a. True
b. False
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b. False
Good designs or more specifically, good designers should prepare multiple design choices that users can choose from. People have different tastes and sense of style. A designer should not impose his own preference and provide different perspectives for the users.
Blue Ice Inc. is an American corporation. The company started out as a _____ between Nick Selver and Rita Andrew in 1985. In 2001, the _____ decided to______ their company so they could sell company stock on the ____ . Blue Ice raised $10 billion with its IPO. It was one of the biggest IPOs of 2001.
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in 2001 THE PARTNERS decided to ______ and STOCK MARKET is the last blank
I'm currently taking the quiz myself and stumbled upon your question in the process. Hope I helped!
I believe the blank the other guy didn't know is "incorporate" but im not 100% sure
1. What is the role of the franchiser when a franchise is purchased?
2. List three advantages of buying an existing business.
3. Imagine that you want to open a doggy-daycare business. Give an example of a human risk, a natural risk, and an economic risk associated with opening this business.
4. Using your answers from the previous question, give one way to manage or lessen the risk you identified.
5. Explain why starting a business from scratch is more difficult than purchasing a franchise, buying an existing business, or joining a family business.
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The franchiser provides the franchisee with a proven business model and support. Buying an existing business offers advantages such as an existing customer base and trained employees. Owning a business entails various types of risk that can be managed through insurance, planning, and savings. Starting from scratch is harder due to the lack of a proven business model and customer base.
Explanation:The role of the franchiser when a franchise is purchased is to provide the franchisee with a proven business model, including training, guidance, and support. They often provide resources for marketing and advertising as well.
There are several advantages to buying an existing business. Firstly, it has a provable track record of success. Secondly, it has an existing customer base. Finally, it has skilled and trained employees already in place.
If you want to open a doggy-daycare business, there are several risks you need to consider. A human risk could be an injury to a pet or employee. A natural risk might be a hurricane or flood that damages your facilities. An economic risk could be a recession, leading to less demand for dog daycare services.
To mitigate these risks, you might consider taking out insurance coverage, developing a business continuity plan, and putting aside savings for periods of economic downturn.
Starting a business from scratch is more difficult than purchasing a franchise, buying an existing business, or joining a family business because it lacks a proven track record, established business model, and potentially loyal customers.
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A regulation that puts a price cap on apartment rents leads to _______. a monopoly leads to _______.
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Regulations setting a price cap below equilibrium rent create apartment shortages, whereas monopolies often lead to high prices and restricted output.
When a regulation puts a price cap on apartment rents below the equilibrium rent, it results in a shortage of apartments in the market. This shortage is represented by the difference between the quantity demanded (A2) and the quantity supplied (A1).
On the other hand, in the context of a monopoly, high prices are typically associated with restricted output. If given a choice in such a scenario, monopoly concerns suggest opting for low prices and low income.
You are driving in stop-and-go traffic during the daytime, someone in another vehicle tells you that your break lights are not working. You should look for a service station, do all your breaking very gently, And
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One should look for a service station, do the breaking very gently and drive with the window open and use your hand signal when you slow down or stop.
When the break lights are not working, it means that the light signal are does not work with the pressing of the brake pedal.
In conclusion, in this case, one should look for a service station, do the breaking very gently and drive with the window open and use your hand signal when you slow down or stop.
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Who persuaded congress to establish the reconstruction finance corporation, the home loan bank board, and the federal farm marketing board?
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Herbert Hoover, the U.S President during the Great Depression, persuaded the Congress to establish the Reconstruction Finance Corporation, the Home Loan Bank Board, and the Federal Farm Marketing Board.
Explanation:The person who persuaded Congress to establish institutions like the Reconstruction Finance Corporation, the Home Loan Bank Board, and the Federal Farm Marketing Board was Herbert Hoover. As conditions worsened during the Great Depression, Hoover, who was the sitting U.S. president at the time, relaxed his opposition to federal relief and initiated several programs. Although these programs did not directly benefit individuals in the greatest need, they aimed to boost the American economy by ensuring financial institutions were on solid footing.
Furthermore, Hoover's assistance also led to the endorsement of a bill by Senator Robert Wagner of New York in 1932 known as the Emergency Relief and Construction Act. This act expanded the RFC's remit beyond financial institutions.
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A vendor allows a 2% discount if an invoice is paid within 10 days. a purchase was made for $5,000 on june 10 and paid on june 19. how much should the check have been?
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($5,000)(1-.0.02) = $4900
In washington state, how often is a vessel owner required to renew their vessel's registration card?
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In Washington State, vessel owner required to renew their vessel's registration card annually.
In most states, vessel owner required to renew their vessel’s registration card annually according to validity but there are some states where the rules are change. For example the time period of validity of vessel registration card in Indiana is 3 years, in Texas it is 2 years.
The primary strength of pepsi is the manufacture, distribution, and promotion of carbonated beverages. these describe which factor of a pepsi consumers' immediate environment?
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The primary strength of Pepsi is the manufacture, distribution, and promotion of carbonated beverages.
These describe the factor of company capabilities of a Pepsi consumer's immediate environment.
The immediate environment includes company's capabilities, competitors, and corporate partners. It depends on the capability of a company that how to run and make a company successful.
Research shows that men prefer to date women who are in ____ careers.?
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Traditional careers guarantee much regarding extraneous prizes. They are frequently seen as not so much unsafe but rather more steady than flighty vocations as for money and advantages. Traditional careers additionally give an instant stage to social association and acknowledgment. When one turns into a doctor, for example, she is in a flash allowed a specific economic well-being. Callings, for example, solution additionally give an encouraging group of people of partners and in addition pre-framed pathways for proficient improvement. A potential drawback to conventional vacations is they require an ability to trade off individual interests and inclinations for aggregate guidelines and benchmarks.
The term inferior goods refers to what kind of goods?b
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Answer:
Goods that consumers demand more of when their income increase!!!!!!!
Explanation:
Please find the current assets and liability
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Cash 43000
Prepaid insurance 9000
Inventory 55000
Accounts receivable 33000
Total=140000
Current liabilities includes
Accounts payable 75000
Salaries payable 12000
Total=87000
A(n) ________ includes how employees should react to security problems, whom they should contact, the reports they should make, and steps they can take to reduce further loss.
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Eckert company is involved in producing and selling high-end golf equipment. the company has recently been involved in developing various types of laser guns to measure yardages on the golf course. one small laser gun, called littlelaser, appears to have a very large potential market. because of competition, eckert does not believe that it can charge more than $86 for littlelaser. at this price, eckert believes it can sell 120,000 of these laser guns. eckert will require an investment of $12,000,000 to manufacture, and the company wants an roi of 18%. determine the target cost for one littlelaser.
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We can solve this problem by first calculating for the total cost and the total revenue. Then the difference of the total revenue and total cost would be the profit or return on investment.
Profit = Total revenue – Total cost ---> 1
First, calculating for the total revenue:
Total revenue = $86 * 120,000
Total revenue = $10,320,000
Second, calculating for the total cost:
Total cost = X * 120,000
where X is the target cost for one littlelaser
It was stated that the company wants a return of investment of 18%, therefore the profit must be:
Profit = 0.18 * $12,000,000
Profit = $2,160,000
Substituting to equation 1:
$2,160,000 = $10,320,000 - X * 120,000
X = $68
Therefore the target cost is $68
The target cost for one littlelaser is $10,169,491.53.
Explanation:The target cost for one littlelaser is the cost that Eckert needs to achieve in order to meet its desired return on investment (ROI). In this case, Eckert wants an ROI of 18%. The formula to calculate the target cost is:
Target Cost = Total Investment / (1 + ROI)
So, in this case, the total investment is $12,000,000 and the desired ROI is 18%. Plugging these values into the formula:
Target Cost = $12,000,000 / (1 + 0.18) = $10,169,491.53
Therefore, the target cost for one littlelaser is $10,169,491.53.
In a certain economy, when income is $500, consumer spending is $375. the value of the multiplier for this economy is 5. it follows that, when income is $510, consumer spending is
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Multiplier = 1 / (1 - MPC)
MPC = difference in consumption / difference in income
MPC = ΔC / ΔY
Consumption or Consumer Spending = C
Income or Yield = Y
Now, let's start the formula.
5 = 1 / (1 - MPC)
1 - MPC = 1 / 5
1 - MPC = 0.2
MPC = 1 - 0.2 = 0.8
After we got the MPC, the next one is to find the consumer spending (x).
MPC = ( x - 375 ) / ( 510 - 500 )
0.8 = ( x - 375 ) / 10
0.8 * 10 = x - 375
8 = x - 375
x = 8 + 375 = 383
The consumer spending would be $383
The formula to compute Multiplier and Marginal Propensity to Consume (MPC) :
= Multiplier = 1 / (1 - MPC)
where :
MPC = difference in consumption / difference in income
MPC = ΔC / ΔY
Consumption or Consumer Spending = C
Income or Yield = Y
We can now plug in the details in the formula
5 = 1 / (1 - MPC)
1 - MPC = 1 / 5
1 - MPC = 0.2
MPC = 1 - 0.2
MPC = 0.8
Now that we have MPC, the next step is to find the consumer spending (x).
MPC = ( X - 375 ) / ( 510 - 500 )
0.8 = ( X - 375 ) / 10
0.8 * 10 = X - 375
8 = X - 375
X = 8 + 375
X= 383
It therefore follow that when income is $510, consumer spending will be $383
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The _____ phase of the baldrige roadmap to performance excellence is characterized by action on the feedback, usually by incorporating it into the strategic planning process.
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The cost of making a shirt is half of what the shirt normally sells for. today, however, the shirt is on a 15% discount from its normal price. what is the current price of the shirt?
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Now, let's calculate how much does 15% represent from the price of the shirt:
15% discount = (15/100) x 2y = 0.3y
Therefore, the shirt is sold for : 2y - 0.3y = 1.7y
This means that at 15% discount, the shirt is sold at 1.7 of its original cost.
Normal price represents the average price of the product by considering its cost of production and profits. The current price represents the final prices after any tax or deductions.
The discount is given as 15%. It would give the normal selling price to be x. Therefore, the cost of making the short would be, [tex]\frac{x}{2}[/tex].
The selling price after the given discount would be computed as below:
[tex]x(1-\frac{15}{100} )\\=\frac{85x}{100}[/tex]
[tex]\frac{85x}{100} *\frac{2}{x} \\=1.7[/tex]
Hence, at a discount of 15%, the shirt would be sold at 1.7 times the production cost of the shirt.
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Among the costs of integration for states is __________.
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Incent has worked at the shadows restaurant for several years and in the restaurant industry for almost 30 years. he can't really explain it, but he "just knows" which applicants are the ones to hire. his intuition most likely comes from a high level of _____ that he has of the industry in general and this restaurant in particular. early training genetic knowledge tacit knowledge extraneous knowledge continual reinforcement
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Jamal (now age 54) lost his job. he has very specialized skills that are no longer in demand. jamal's unemployment is best classified as:
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According to the situation, Jamal (now age 54) lost his job. he has very specialized skills that are no longer in demand. Jamal's unemployment is classified as Structural unemployment.
What is Structural unemployment?When the abilities that people in the economy can supply do not match the skills that companies are looking for in employees, structural unemployment results (also called as the skills gap).
One of the three types of unemployment identified by economist:
Frictional unemployment. Cyclical unemployment. Structural unemployment.Technological advancements that render many workers' job abilities obsolete frequently cause structural unemployment.
Therefore, Jamal's unemployment is classified as Structural unemployment.
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How does fractional banking allow there to be an increase in the money supply?
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The other 10% that the bank does not lend is called the "fractional reserve".
Now, by lending this 90% to a client, the money supply may increase based on the procedure below:
First client deposits 100$ in the bank
Bank lends 90$ to second client who deposits these 90$ in another bank
This other bank lends 81$ from the deposited 90$ to a third client who deposits them in a new bank.
The new bank lends 72.9$ out of these 81$ to a fourth clients who deposits them in a different bank......and so the cycle continues increasing the money supply
After completing your turn, and before changing lanes, you should:
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use the turn signal to indicate which lane you're going to, check the rear-view mirrors and then center yourself in the lane.
These rules are easy to follow for your safety, the safety of your car as well as the safety of other cars and car drivers
After turning, check mirrors and blind spots, signal, and then safely change lanes. Do not impede emergency vehicles; pull over and stop for an ambulance.
Explanation:After completing your turn, and before changing lanes, you should check your mirrors, look over your shoulder for a blind spot check, turn on your signal to indicate your intention to change lanes, and then change lanes when it is safe to do so. It is important to ensure that your actions do not interfere with any emergency vehicles, such as ambulances, approaching from any direction. When an emergency vehicle with flashing lights, such as an ambulance, is approaching, you should pull over to the side of the road and stop to allow it to pass.
The difference between the willingness to sell a good and the price a producer receives is also known as: