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Paying off credit cards Simon recently received a credit card with an 13% nominal interest rate. With the card, he purchased an Apple iPhone 5 for $400. The minimum payment on the card is only $10 per month.
a) If Simon makes the minimum monthly payment and makes no other charges, how many months will it be before he pays off the card? Round your answer to the nearest whole. month(s)
b) If Simon makes monthly payments of $30, how many months will it be before he pays off the debt? Round your answer to the nearest whole. month(s)
c) How much more in total payments will Simon make under the $10-a-month plan than under the $30-a-month plan. Make sure you use 3 decimal places for N. Round your answer to the nearest cent.
How are stock issuance costs and direct combination costs treated in a business combination which is accounted for as an acquisition when the subsidiary will retain its incorporation?
Gregg Company recently issued two types of bonds. The first issue consisted of 20-year straight (no warrants attached) bonds with an 10% annual coupon. The second issue consisted of 20-year bonds with a 7% annual coupon with warrants attached. Both b..
The correct terms used in cost plus and fixed price contracts to compute final price are:
Reclamation costs on a project are expected to be incurred over a 30 year period from 27 to 56 years in the future from now. Reclamation costs are estimated to escalate 5.0% per year in the future
Webster Industrial Products just signed a sales contract with a new customer. What is this contract worth as of the end of year 4 if the following payments will be received and the firm earns 5 percent on its savings? Year 1 84,000, year 2 113,000, y..
Which one of the following is defined as the average compounded return earned per year over a multiyear period?
Which of the following forms of organizations is the easiest to form? Which of the following is a strength of a corporation? The 2002 law that established the Public Company Accounting Oversight Board (PCAOB) was called ________.
Suppose that the index model for stocks A and B is estimated from excess returns with the following results: RA = 1.0% + 0.45RM + eA RB = –1.0% + 1RM + eB σM = 16%; R-square A = 0.28; R-square B = 0.21 Break down the variance of each stock to the sys..
Jordan Enterprises is considering a capital expenditure that requires an initial investment of $42,000 and returns after-tax cash inflows of $7,000 per year for ten years. The firm has a maximum acceptable payback period of eight years. Determine the..
S&P 500 index has a dividend yield of 3% today. The current index is trading at $1800 and the risk-free interest rate is 5% per annum with continuous compounding. An investor would like to enter into a short one-year forward contract on the index. Wh..
On August 1, Sonya sells short 100 shares of PDQ company stock for $100 per share. On October 2, Sonya closes out the short sale at a cost of $90 per share. What is Sonya's profit or (loss) on the transaction
The construction of a new runway at an airport will cost $30 million, to be paid with capital development bonds over a 20-year period. The runway is expected to decrease the average aircraft delay from 9 to 5 min. The average annual demand is expecte..
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