Sarah works in accounts payable at a manufacturing company. Her manager prefers to take the full payment period rather than the cash discount on their 2/10 net 60 credit terms, arguing that a 9% short- term loan would be more expensive. Help determine who is correct.
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- AKA works in an accounts payable department?Camila Martinez has several credit cards, on which she is carrying a total current balance of $6,500. She is considering transferring this balance to a new card issued by a local bank. The bank advertises that, for a 4 percent fee, she can transfer her balance to a card that charges a 0 percent interest rate on transferred balances for the first 6 months. Calculate the fee that Camila would pay to transfer the balance. $ Describe the benefits and drawbacks of balance transfer cards.Please help me with this scenario.
- Ginny, who lives in Houston, is trying to decide between the following car models: Brand and Model Chevy Sonic Toyota Camry Ford Escape Hybrid Dodge 1500 Pickup Cost $14,255 17,950 30,570 37,590 She's currently accumulated a down payment of $5,000 and she has determined that she can afford maximum payments of $375 per month. Her initial research on the current cost of auto loans has found that her lowest cost loan would be made by a bank and would require an interest rate of 6% for five years. Given this information, the maximum amount that Ginny can afford to pay for her new car is can afford to purchase, without stretching her budget, is: OOO The Chevy Sonic The Toyota Camry The Dodge 1500 Pickup The Ford Escape Hybrid I and the most expensive car that sheRyan has a RaceTrac credit card. The card has a balance of $685.37 with an APR of 28.95%. The RaceTrac expects the minimum payment to be 4.2% of the balance. What is Ryan’s minimum payment? How long will it take Ryan to pay off his RaceTrac credit card? How much interest will Ryan pay if he only pays the minimum payment? Show steps.Angela has a Macy’s credit card. The card has a balance of $2088.74 with an APR of 28.99%. Macy’s expects the minimum payment to be 3.9% of the balance. What is Angela’s minimum payment? How long will it take Angela to pay off her Macy’s credit card? How much interest will Angela pay if she only pays the minimum payment? Show steps.
- Lawyer Lemon, a Jacksonville lawyer, specializes in what he calls credit management law. Thatis, he aids clients with bad credit ratings to improve their status with the major purveyors ofcredit information. If a client's credit rating improves, then the client can get loans that he orshe previously could not have gotten. Lemon's business is a little thin, so he decides toadvertise his services. The text of his ad reads as follows:"Has Bad Credit Got You Down? Come and see Lou Lemon, Attorney at Law, to get a goodcredit ratingFast, faster, fastest credit lawyer in town. Results Guaranteed!Call Lou Lemon today at (904) 343-2929."Which of the following is most correct?O A. If Lemon eliminates the first line of his ad, then the ad will be PROPER.C B. If Lemon eliminates the second line of his ad, then the ad will be PROPER.C. Lou MAY use the ad in brochures, but not on the radio or t.v.D. If Lemon uses the ad as written, he will be SUBJECT TO DISCIPLINE.Three friends go to a restaurant. David, a self-employed entrepreneur, says, “I’ll pay and deduct it as a business expense.” Denise, a salesperson, takes the check and says, “I’ll put this on my company’s credit card. It won’t cost us anything.” Derek, a factory manager, says, “I’ll use my company’s credit card and call it overhead on a cost-plus contract with a client.” (A cost-plus contract means the company receives its costs plus a percent of those costs.) “That way, my company pays for dinner and makes a profit.” Who should pay?Jane James owns an appliance store. She usually receives $50,000 worth ofappliances per month. She does not like to owe people money and alwayspays her bills on the day she receives the invoice. Someone told her thatif she delayed payment, she could actually increase her profit because themoney would be earning interest in her account. She went through her billsand found that she actually had an additional 10 days, on average, to payher invoices. She also found that she was earning 2 percent interest on themoney she had in her money market savings account.a. If she delayed payment by the 10 days, how much additional interest wouldshe earn for the year?b. Explain how this problem represents a disbursement float.
- Karen has a QuikTrip credit card. The card has a balance of $988.62 with an APR of 28.75%. The QuikTrip expects the minimum payment to be 4.1% of the balance. What is Karen’s minimum payment? How long will it take Karen to pay off her QuikTrip credit card? How much interest will Karen pay if she only pays the minimum payment? Show stepsYour FICO score makes a big difference in how lenders determine what interest rate to charge you. Consider the situation faced by Edward and Jorge. Edward has a fairly poor FICO score of 660 and, as a result, pays 18.0% APR on the unpaid balance of his credit card. Jorge has a FICO score of 740 and pays only 7.3% APR on the unpaid balance of his credit card. If both persons carry an average balance of $3,000 on their credit cards for three years, how much more money will Edward repay compared with what Jorge owes (moral: you want a high FICO score)? Assume monthly compounding of interest. Edward will repay $ more. (Round to the nearest dollar.)Julie has a low credit rating, plus she was furloughed from her job 2 months ago. She has a new job starting next week and expects a salary to start again in a couple of weeks. Since she is a little short on money to pay her rent, she decided to borrow $100 from a loan company, which will charge her only $10 interest if the $110 is paid no more than 1 week after the loan is made. What are the: (Draw the Cashflow)(a) nominal annual and(b) effective annual intere
