Alice has a balance of $19.000 on her credit card. The card carries a 22.00% annual rate of interest. The bank requires a minimum payment of 4.00% of the outstanding balance, but no less than $50.00 each month. Alice has decided to pay an EXTRA $50.00 each month. How many months will it take for Alice to pay off her balance assuming she makes the minimum required payment PLUS the extra payment each month?

Q: do you have the answer in a different format using equations

A: The present value is the present worth of the amount that will be paid or received in the future.

Q: What are Cush flow diagrams?

A: Cash Flow:   A cash flow refers to the movement of cash to or from the business. If the cash moves…

Q: Define each of the following terms: g. Decision tree; staged decision tree; decision node; branch

A: Decision tree: A decision tree is a method of arranging a set of consecutive decisions, which is…

Q: Describe the differences between a formula and a function?

A: A formula is an equation or expression that, when entered into a spreadsheet or other application,…

Q: Show how to insert formula in excel

A: Perpetuity: It is a stream of cash flow that is presumed to continue for an indefinite period.

Q: is the target of data flow. Select one: O a. Destination O b. Pass O c. Source O d. Stores

A: Which is the target of data flow as follows:-

Q: Define roadshow

A: Roadshow: Roadshow is a sequence of conferences across diverse towns in which topmost managers from…

Q: Briefly explain on Salam and Parallel Salam.

A: Salam and Parallel Salam are modes of Islamic financing which are useful for traders and small…

Q: can you please type out the equation

A: Solution:- When an equal amount is saved each period at end of period, it is called ordinary…

Q: Which "view" gives you the ability to drop and drag fields to create relationships between tables? O…

A: The "view" that typically allows you to drag and drop fields to create relationships between tables…

Q: What is information system ? Elaborate and describe the details

A: Solution- Information systems-        AN system could be a collection of interconnected elements to…

Q: What is an REA diagram?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: Can you please write out the equations

A: Present value of annuity is the current value of the future payments that are calculated using the…

Q: Could I also get the results for part D. through F.

A: The process of accounting for expenses involved in the manufacture of items is known as…

Q: What is a data flow diagram? What are the different levels from most general to most detailed? Draw…

A:

Q: Explain the process followed and the result

A: The process followed here is the calculation of the Economic Order Quantity (EOQ), which is a…

Q: How to do the according equation

A: Accounting Equation is the double-entry system used by the organization to get the balance sheet and…

Q: Write the note on JIT technique, what is the full form of JIT?

A:

Q: What is receivable management? Explain it?

A: The receivable management is the process of managing and tract the account receivable, especially it…

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A: An Accounting event is a transaction that is recorded in the books of accounts of the company. There…

Q: Explain how the E-R diagrams is used to prepare database tables. Also, include explanation of…

A: ER diagram stands for "Entity Relationship", which can be defined as a type of flowchart that is a…

Q: Write out the equation for the CML and explain its meaning.

A: After the investment in different securities, portfolio is prepared which describe the overall…

Q: What is the full form of ERP? Explain ERP with examples?

A: ERP means Enterprise Resource Planning, it is a process management software used by organizations to…

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A: Return on investment (ROI):   Return on investment evaluates how efficiently the assets are used in…

Q: What is an object, and what are its characteristics in the object-oriented approach? Give two…

A:

Q: Describe EOQ decision model.

A: Economic order quantity (EOOJ: Economic order quantity is ideal order quantity that the company…

Q: Explain an example of prepayments.

A: The outflow of money to reduce the liabilities occurred in the current accounting period refers to…

Q: where is the evaluate?

A: There are different type of the evidences that needs to be obtained in order to provide the evidence…

Q: Describe about the concept of COGS.

A: Cost of goods sold (COGS): Cost of goods sold is the accumulate amount of all direct cost incurred…

Q: Define conversion value

A: Convertibles are a category of financial instruments, such as convertible bonds and preferred…

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A: Contract:      Contract refers to an agreement between two parties which is legally enforceable by…

Q: Describe internal event with example.

A: Definition:   Accounting event: An accounting event is a transaction that is recorded in the books…

Q: Define Top-down analysis

A: Introduction: Analyst is the person who gathers the data after they interpret and validate the data…

Cost of Credit

The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are mandatorily collected by the lender based on the loan amount and tenure of the loan. The cost of credit is also called finance charges of the credit.