Suppose that on January 1 you have a balance of $3300 on a credit card whose...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Suppose that on January 1 you have a balance of $3300 on a credit card whose APR is 12%, which you want to pay off in 5 years. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment (part b) is interest? Assume that the total revenue for 2017 was $1.99 trillion and total spending was $3.01 trillion. Suppose that in 2018, total spending increases revenue increases by 2.7% from the 2017 levels given. Would the 2018 deficit be larger, smaller, or the same as the 2017 deficit? Explain. 1.5% and total Revenue increases $ billion, and spending increases by $ billion. So, the deficit from 2017 to 2018. (Round to one decimal place as needed.) On- Expenses The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it may be negative or positive). Assume that amounts shown for salaries and wages are Income Part-time job: $1000/ month Rent: $450 / month Student loans: $6600/ year Groceries: $60/week Scholarship: $6000 / year Tuition and fees: $6500 / year Health insurance: $30/ month Entertainment: $100/ month after taxes and that 1 month = 4 weeks. Phone: $55/ month The net monthly cash flow is $ (Round to the nearest dollar as needed.) Suppose that on January 1 you have a balance of $3300 on a credit card whose APR is 12%, which you want to pay off in 5 years. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment (part b) is interest? Assume that the total revenue for 2017 was $1.99 trillion and total spending was $3.01 trillion. Suppose that in 2018, total spending increases revenue increases by 2.7% from the 2017 levels given. Would the 2018 deficit be larger, smaller, or the same as the 2017 deficit? Explain. 1.5% and total Revenue increases $ billion, and spending increases by $ billion. So, the deficit from 2017 to 2018. (Round to one decimal place as needed.) On- Expenses The expenses and income of an individual are given in table form to the right. Find the net monthly cash flow (it may be negative or positive). Assume that amounts shown for salaries and wages are Income Part-time job: $1000/ month Rent: $450 / month Student loans: $6600/ year Groceries: $60/week Scholarship: $6000 / year Tuition and fees: $6500 / year Health insurance: $30/ month Entertainment: $100/ month after taxes and that 1 month = 4 weeks. Phone: $55/ month The net monthly cash flow is $ (Round to the nearest dollar as needed.)
Expert Answer:
Related Book For
Financial accounting
ISBN: 978-0132751124
9th edition
Authors: Walter T. Harrison Jr., Charles T. Horngren, C. William Thom
Posted Date:
Students also viewed these accounting questions
-
Suppose that on January 1 Foreton Golf Company paid cash of $50,000 for computers that are expected to remain useful for five years. At the end of five years, the computers values are expected to be...
-
Suppose that on January 1 Coddington Travel Company paid cash of $30,000 for equipment that is expected to remain useful for five years. At the end of five years, the equipment's value is expected to...
-
Suppose that on January 1 Callaway Golf Company paid cash of $30,000 for computers that are expected to remain useful for 3 years. At the end of 3 years, the computers' values are expected to be...
-
Help on this. thanks 2022SP CS234 Computer Science II 1. (Based on P6.11) A supermarket wants to reward its best customer of each day, showing the customer's name on a screen in the supermarket. For...
-
Describe what happens in the performing/fourth stage of team development.
-
Southampton University is considering replacing some Xerox copiers with faster copiers purchased from Cannon. The administration is very concerned about the rising costs of operations during the last...
-
Following are the descriptions of changes in selected accounts and other events for Krimp Caf Pty Ltd. Required (a) Indicate whether each item should be added (A) to or deducted (D) from profit when...
-
The trial balance of Addison, Inc., at September 30, 2018, does not balance: The accounting records hold the following errors: a. Recorded a $700 cash revenue transaction by debiting Accounts...
-
Nantucket Industries manufactures and sells two models of watches, Prime and Luxuria. It expects to sell 3,300 units of Prime and 2,000 units of Luxuria in 2019.The following estimates are given for...
-
Question 4 (15 points) Stata Statistical Software Inc. has reached maturity and now expects to generate earnings before interest and taxes of EBIT=$1,000,000 per year in perpetuity. That is, no...
-
Provide a clear definition of SES (Socioeconomic Status), encompassing its components such as income, education, and occupation. Discuss the societal implications of SES and its role in shaping...
-
What is the main difference between traditional and activity-based costing-systems in warehouse management? please explain.
-
When securities require registration with the Securities and Exchange Commission, the securities can be sold during what phase of the registration process?
-
Over the course of the last year, Lane purchased 18 video games. 7 games cost $ 64 , 5 cost $ 49 , 3 cost $ 29 , and 3 cost $ 19 . What was the average cost of each game? Round to the nearest penny
-
The university has decided that for the following year, lecture costs will increase by 20%, workshop costs by 10% and examination costs will stay the same for level 2 the current hourly costs are...
-
Pine Company declared a property dividend of 20,000 shares of $1 par Polk Company common stock. The Polk stock was purchased for $5 per share. The fair value of Polk's stock was $10 per share on the...
-
You are an auditor at XYZ company and you are assigned to document the company's payroll processing system. The payroll system is very easy, first of all Employees record time data via time cards and...
-
Find the volume of the described solid S. A frustum of a right circular cone with height h, lower base radius R, and top radius r -r- --R
-
Top managers of OHare Products, Inc., have asked for your help in comparing the companys profit performance and financial position with the average for the industry. The accountant has given you the...
-
PTL, Inc., dominates the snackfood industry with its Salty Chip brand. Assume that, PTL, Inc., purchased Seacoast Snacks, Inc., for $8.2 million cash. The market value of Seacoast Snacks assets is...
-
The accounts of Cool River Service, Inc., at March 31, 2012, are listed in alphabetical order. Requirements 1. All adjustments have been journalized and posted, but the closing entries have not yet...
-
One of the main fears that retail startups have is if they will be able to compete against Walmart, Home Depot, and the other big-box stores. This is a legitimate fear. Big-box stores continue to...
-
Influencer marketing is a type of marketing where companies partner with influencers, who have a significant following on social media platforms, to promote their products or services. Influencers...
-
In the summer of 2015, Stephen Kuhl and Kabeer Chopra made their way to Philadelphia to prepare for business school. It was their first semester in the Wharton MBA program. They were both in an...
Study smarter with the SolutionInn App