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Simon recently received a credit card with an 18% nominal interest rate. With the card, he purchased an Amazon Kindle for $400. The minimum payment on the card is only $20 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?
b) If Simon makes monthly payments of $60, how many months will it be before he pays off the debt?
c) How much more in total payments will Simon make under the $20-a-month plan than under the $60-a-month plan.
All raw materials are considered direct to the manufacturing process. During April, the company purchased $260,000 of raw materials. Direct labor cost for the month was $342,000; workers are paid $9.50 per hour. Overhead is applied at the rate of ..
Visit Crown Financial Ministries and go to Media - Keep a Christian perspective in finances
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