Suppose that a clinic has third-party payer revenues of $10,000 a day. On average, it takes the clinic 50 days to collect from its payers. Required: What will be the steady-state receivables balance?
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- To payoff a loan of $1000 you need to make 40 payment of $36.56 per month. What rate of interest are you paying? What is the stated or quoted rate? What is the annual percentage rate? What is the effective annual rate? What rate is bank likely to use to state its rate?A payday lender might lend you $350 now, and you'll be asked to pay them back when your paycheck comes. Of course, you'll have to pay interest. The median fee charged by these types of lenders is $15 per every 100 borrowed. How much would you have to pay back in ten days?Suppose you have estimated that you will need $2,500 per month in your retirement to meet your expenses and live comfortably, and that you have found or chosen a fund (account) which pays monthly interest 4% APR . What principal, or balance, will your account need to maintain in order to be able to pay you this amount each month? Round/take your answer to the nearest cent.
- Suppose you lend $11,500 to a friend at an APR of 10.00%. Your friend will pay you back beginning next month with 60 monthly installments. You can reinvest the payments you receive in your money market account at an APR of 1.10%, calculated monthly. a. How much will your friend pay you each month? ______________ b. How much will you have in your account at the end of 60 months? (to nearest $___________________ c. What is your effective annual return (EAR), _._ _%?______________Suppose you take out a 36-month installment loan to finance a delivery van for $26,100. The payments are $989 per month, and the total finance charge is $9,504. After 25 months, you decide to pay off the loan. After calculating the finance charge rebate, find your loan payoff (in $). (Round your answer to the nearest cent.) Need Help? Read It Watch It Master ItYou have a credit card with an APR of 16%, compounded monthly, that has a balance of $7,000. You want to transfer this balance to a different card with an APR of 14.5%, compounded monthly. Assuming that you will make the minimum payments of $150 per month for either card, what transfer fee would make you ambivalent between transferring or not?
- Suppose you owe $1,100 on your credit card. The annual percentage rate (APR) is 24%, compounded monthly. The credit card company says your minimum monthly payment is $24.75. a. If you make only this minimum payment, how long will it take for you to repay the $1,100 balance (assuming no more charges are made)? b. If you make the minimum payment plus $7.17 extra each month (for a total of $31.92), how long will it take to repay the $1,100 balance? c. Compare the total interest paid in Part (a) with the total interest paid in Part (b). a. It will take b. It will take months for you to repay the initial balance. (Round to the nearest whole number.) months for you to repay the initial balance. (Round to the nearest whole number.) (Round to the nearest dollar.) c. The difference in the total interest paid in Part (a) and Part (b) is $You have a credit card with an APR of 24.99 %, monthly compounding, that has a balance of $6,600. You want to transfer this balance to a different card with an APR of 8.99%, monthly compounding. Assuming that you will make minimum payments of $ 160 per month for either card, what transfer fee would make you ambivalent between transferring or not?Suppose you secure a home improvement loan in the amount of $5,000 from a local bank. The loan officer gives you the following loan terms:• Contract amount = $5,000• Contract period = 24 months• Annual percentage rate = 12%• Monthly installment = $235 .37Shown is the cash flow diagram for this loan. Construct the loan payment schedule by showing the remaining balance, interest payment, and principal payment at the end of each period over the life of the loan.
- If the initial margin is $5,000, the maintenance margin is $3,500 and your balance is $4,000, how much must you deposit? computationConsider a credit card with a balance of $7000 and an APR of 12.5%. If you want to make monthly payments in order to pay off the balance in 11 year, what is the total amount you will pay? Round your answer to the nearest cent, if necessary.Suppose I have a balance of $4500 on my Bank of America credit card. Assume the interest rate on my card is 12.95%. If I am willing to commit to making monthly payments of $100, then how long will it take for me to pay off my credit card?