For $55.56, the company would make an adjustment entry to credit Interest Income.
What is income from interest?Interest income refers to earnings from investments like savings accounts and certificates of deposit. Net interest income is the sum of revenue and expenses for financial institutions.
What is a company's interest income?The amount paid to an entity for lending or allowing another entity to use its funds is called interest income. The sum of money invested by an investor in an investment or project is referred to as interest income on a broader scale.
Is interest pay or cost?On the income statement, interest expense is listed as a non-operating expense. It is the interest that is due on any borrowing, including bonds, loans, convertible debt, and credit lines. It is basically calculated by multiplying the debt's principal balance by the interest rate.
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when interest is compounded continuously: a) the cash flow must also occur continuously. b) the cash flow must be converted into continuous cash flow. c) the interest rate must be converted into an annual rate. d) none of the abov
The correct answer is d. When interest is compounded continuously the cash flow may not occur continuously.
Compound interest, often known as interest on principal and interest, is the adding of interest to the loan or deposit principal. Reinvesting interest, or restoring it to the lent capital instead of paying it out or requiring payment from the borrower, results in interest being earned on the principal amount plus already accumulated interest in the next period. In finance and economics, compound interest is common. In contrast to simple interest, which does not compound since past interest is not applied to the principal for the current period, compound interest allows interest to build over time.
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global fashion, inc., a u.s. firm, and haute couture, a haitian firm, are parties to a contract that specifies what court, jurisdiction, or tribunal would decide any dispute arising under the contract. this is
Global fashion, inc., a U.S. firm, and haute couture, a Haitian firm, are parties to a contract that specifies what court, jurisdiction, or tribunal would decide any dispute arising under the contract. This is a choice of forum clause.
What is a choice of forum clause?A clause in a contract known as a choice of law clause or proper law clause allows the parties to designate that any disputes arising out of the agreement will be resolved in accordance with the laws of a particular jurisdiction.choice of law clause agreement will be regulated by and interpreted in line with New York state law, for instance.It is possible to combine a choice of law provision with a forum clause.The combined provision would specify the venue for any disputes arising under the agreement, as well as the law to be used in those disputes.As long as a choice of law clause is genuine, valid, and implemented, the court will often uphold it.To learn more about choice of law clause from the given link
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three years ago, suzanne bought a new personal automobile for $26,900. this year, she sold it for $19,000. what is the amount and character of suzanne's recognized loss?
No loss was recorded when a personal asset was sold.
According to the exclusion rule, money that cannot be utilized to buy food or shelter is not taxable.
Of the following, which is not considered gross income?Income from municipal bond income, child support, life insurance death benefit money, and welfare are all excluded from the IRS's determination of your income tax. According to the exclusion rule, money that cannot be utilized to buy food or shelter is not taxable.Itemized deductions are particular costs borne by the taxpayer that may lower taxable income. Mortgage interest, state or local income taxes, property taxes, medical or dental expenses in excess of AGI restrictions, and charitable contributions are examples of itemized deductions.The costs you incurred for state and local income or sales taxes, real estate taxes, personal property taxes, mortgage interest, and disaster losses are all included in itemized deductions.To learn more about Gross income refer to:
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enter's insurance would include coverage for: group of answer choices flood damage. personal property. house and other structures. umbrella liability. earthquake damage.
Personal property.
Three fundamental categories of protection are covered by renters insurance, often known as tenants insurance: Personal possessions. Liability. Additional costs of living.
Of the following, which one is not protected by renter's insurance?Major weather catastrophes like earthquakes, landslides, sinkholes, and floods are not covered by renters insurance. In addition, if your roommate is not a named insured on the policy, the policy will not provide coverage for pest infestations (including bed bugs) or for your roommate's belongings.Renters' contents insurance covers the costs of replacing any stolen or damaged objects covered by the policy, protecting your things against theft and damage from fire, flood, storms, subsidence, burst pipes, and water leaks.Three fundamental categories of protection are covered by renters insurance, often known as tenants insurance: Personal possessions. Liability. Additional costs of living.To learn more about Renters insurance refer to:
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cary allows kail to access his land locked property by using a road that cuts across cary's land. kail paid cary $1000 for the use of the road and can use it whenever he wants. this arrangement is generally known as:
This arrangement is generally known as an easement.
What is an easement?
An easement is a non-possessive right to access and/or utilize another person's real property without actually owning it. The most typical easements are affirmative ones. They permit exclusive usage of privately owned property. Positive easements are less lenient. They restrict the usage of land.
All easements, limitations, and covenants, both positive and negative can run with the land and bind all future owners of the subject real estate. An easement by deed, if granted from a freehold or leasehold estate, will function as a legal interest in land, but only once it has been recorded on the title at the Land Registry. The easement will be effective as an equitable right up until the registration is finished.
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How often do loans involve risk
A: Never
B: Always
C: Sometimes
D: Frequently
Loans are known to involve risk all of the time that money is to be lend out. Option B
What is a loan?This is the term that is used to refer to the amount of money that is given to a person that is to act as a lender with the hope that the money is to be returned in a later date which is agreed by the parties that are involved and that the person may have to pay an interest rate on the amount that hey have been lent.
The loans that a person receives is one that is knwon to come with a risk. This is the reason why the loans are sometimes given after the borrower has agreed to a collateral that would suit the person that is lending.
The goal is that the person would receive the collateral that they have used to obtain the loan after they have paid off the loan back to the person that they borrowed it from.
Hence from the explanation that we have here, we can agree that the loan is known to always come with its risks.
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payton corporation has sales of $200,000, a contribution margin ratio of 35%, and a profit of $40,000. if 10,000 units were sold, what are total variable costs?
The total variable costs are $130,000 if 10,000 units were sold.
The contribution margin describes the portion of the sales revenue that is not used up by variable cost; therefore in this case we can find the total variable costs by subtracting the contribution margin from the sales.
First, we determine the amount of contribution margin as follows;
contribution margin = 35% of $200,000
contribution margin = (35/100) × 200,000
contribution margin = $70,000
Now we determine the total variable costs as follows;
total variable costs = sales revenue - contribution margin
Substituting the values in this equation to find the total variable costs;
total variable costs = $200,000 - $70,000
total variable costs = $130,000
Therefore, the total variable costs are calculated to be $130,000.
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trulife health systems has opted for a top-down approach to changing how the company functions so that efficiency is increased. what is the change likely to entail?
The change likely to entail expanding adoption of healthcare innovations and other medication price drop steps .
What is truelife health systems and what is opted by the company for a better change?Truelife health is a service agency grew and growing for constantly providing help in terms of health to those in need.The company has opted for multiple steps to enhance the output and to provide better service for public welfare.Here is asked the change likely be entailed by company to increase the effiiciency.Hence the change is to expand the adoption of healthcare innovations and drop the prices of medicines.Other steps also have taken along to quicken the process of enhancement and increase the efficiency.To know more about health visit:
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a country purchases $3 billion of foreign-produced goods and services and sells $2 billion of domestically produced goods and services to foreign countries. it has exports of
A nation spends $3 billion on imported goods and services and $2 billion on exports of goods and services produced domestically. $2 billion worth of exports are made, but there is a $1 billion trade deficit.
Exports are goods and services produced in one country but sold to buyers in another. Exports and imports comprise international trade.
The country that manufactures and sells a product is known as the exporter, and the products that it sends to other countries are known as exports. In contrast, the country that purchases and receives the products is known as the importer, and the products are referred to as imports. Exports are critical to the economy of any country.
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at its 2011 annual meeting, the american medical association voted to encourage magazine industry efforts to discontinue the use of a particular practice. what was the practice?
At its 2011 annual meeting, the practice will be digitally altering graphics of models' bodies that the american medical association voted to encourage magazine industry efforts to discontinue the use of a particular practice.
What is magazine?
A magazine is a type of periodic publication that is issued on a regular basis (typically weekly or monthly) and contains a wide range of content. They are often funded through advertising, purchase price, prepaid subscriptions, or a mix of the three. The word "magazine" comes from the Middle French magasin, which means "warehouse, depot, or store," the Italian magazzino, and the Arabic makhazin, which is the plural of makhzan, which means "storehouse."
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wolf computer exchanged a machine with a book value of $40,000 and a fair value of $35,000 for a patent. in addition, wolf received $6,000 as part of the exchange. wolf should recognize:
Wolf also earned $6,000 as part of the trade. Wolf should record a $5,000 gain.
What is a patent used for?A product or methodology that, in general, shows a new technical approach to a problem or offers a novel method of doing something is considered to be an invention. An innovation is granted an exclusive privilege known as a patent. In order to secure a patent, technical information regarding the innovation must be made available in the application.
Because a patent has no physical components and offers long-term value to the owner, it is regarded as an intangible asset. As a result, a patent is accounted for in the same way as any other intangible fixed asset: initial recordation.
In the given question,
The patent is debited for $51,000 ($45,000 for the machine and $6,000 for the cash), which is the fair market value of the assets provided. After that, the corporation deducts the old machine's book value ($40,000) and credits cash for the amount paid ($6,000). A gain of $5,000 results from the difference.
(51,000-(40,000+6,000)) = 5000 (gain)
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a company had net sales of $29,800 and accounts receivable of $4,400 for the current period. its days' sales uncollected equals: (use 365 days a year.)
Days' sales uncollected means the average collection period. It means how many days are required to collect the cash for its sales.
This can be calculated using two items which are account receivables and net sales. Account receivables are the proceeds of payment to be received from customers who have been sold goods on credit. Net sales are the gross sales minus returns, discounts and interests.
In this ques, days' sales uncollected equals 53.874 days which is approximately 54 days.
It is given that the net sales of the company are $29800 and account receivables are $4400.
Days' sales uncollected can be calculated as:
= (AR÷NS)×365
where, AR= Account receivables
NS = Net Sales
In this ques,
AR = $4400
NS = $29800
Thus,
Days' sales uncollected = (AR÷NS)×365
= (4400÷29800)×365
= 0.1476 ×365
= 53.874
Thus, days' sales uncollected equals 53.874 days which is approximately 54 days.
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a company purchased a computer system at a cost of $30,000. the estimated useful life is 6 years, and the estimated residual value is $9,000. assuming the company uses the double-declining-balance method, what is the depreciation expense for the second year?
The depreciation expense using double -declining method of computer who have life of 6 years is $9,702.
Given information,
Cost of asset = $30,000
Time period = 6 years
Residual value = $9,000
Rate of depreciation = 1/ useful life*100
= 1/6*100
= 16.67%
Depreciation using double -declining method = 2* cost of asset*
*Depreciation rate
Depreciation value = 2*$30,000* 16.17% = 9,702
Depreciation is an accounting technique for spreading out the expense of a tangible item over the course of its useful life. How much of an asset's value has been used is shown through depreciation. It enables businesses to purchase assets over a predetermined length of time and generate income from those assets.
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della purchased a warehouse on february 25, 2020, for $350,000. $45,000 of the price was for the land. what is her cost recovery deduction for 2020 rounded to the nearest dollar?
$6,853 is her cost recovery deduction for 2020. Cost recovery is the process of deducting a portion of the cost of an asset used in a business or for income generation over its useful life through depreciation, amortisation, or depletion.
What cost recovery deduction ?Cost recovery refers to a company's ability to recover (deduct) the costs of its investments. It is crucial in defining a company's tax base and can influence investment decisions. When businesses are unable to fully deduct capital expenditures, they reduce capital spending, lowering worker productivity and wages.
Client money recovery can be unpredictable. Businesses frequently use the cost recovery method in accounting to protect themselves from uncertainty in revenue recognition. If you're an accountant or a freelancer, you should understand the cost of recovery method of bookkeeping.
The cost recovery method is a method of recognising and recording revenue. Some call it the collection method. In this method, a company does not recognise its sales profits until the cash collected exceeds the cost of the goods or services sold. Profit is not recognised under this method until the payments have recovered the seller's cost.
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suppose that a market basket used to construct a university student price index (uspi) consists of 4 textbooks and 100 gallons of gasoline. in 2018, the base year, textbooks cost $100 each, and gasoline costs $2 per gallon. in 2019, textbooks still cost $100 each, and gasoline costs $4 per gallon. the uspi for 2019 is:
In 2019, textbooks still cost $100 each, and gasoline costs $4 per gallon. the USPI for 2019 is 133.33
Calculation:
Cost of basket in 2018 = 4 × 100 + 100 × 2 = 600
Cost of basket in 2019 = 4 × 100 + 100 × 4= 800
CPI in 2019 = 800/600 ×100 = 133.33
The Consumer Price Index (CPI) tracks changes in consumer prices on a monthly basis in the United States. The cost-of-living index (CPI) is determined by the Bureau of Labor Statistics (BLS) as a weighted average of prices for a sample of products and services that is indicative of total consumer expenditure in the United States.The CPI is among the most widely used indicators of inflation and deflation. The producer price index (PPI), which tracks changes in the prices paid to US producers of goods and services, has a different survey methodology, pricing samples, and index weights than the CPI report.The CPI is based on around 94,000 price quotations that are gathered each month from 23,000 retail and service businesses and 43,000 rental housing units.Learn more about Consumer Price Index (CPI), here
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meng company maintains a $335 petty cash fund. on january 31, the fund is replenished. the accumulated receipts on that date represent $87 for office supplies, $174 for merchandise inventory, and $27 for miscellaneous expenses. there is a cash shortage of $12. based on this information, the amount of cash in the fund before the replenishment is:
If a meng corporation keeps a $335 petty cash fund, the amount of money in the fund prior to replenishment is $300. January 31 sees a replenishment of the fund.
Dr. Office Supplies: $87; Dr. Merchandise Inventory: $174; Dr. Miscellaneous Expenses: $27; Dr. Cash Over/Under: $12; Cr. Cash: $300.
$335 in fund balance less $288 in revenues equals a hypothetical cash replenishment balance of $47.50. The cash on hand was less than projected as there fund was a $12 shortfall. $47 − $12 = $35. $30 less the $35 in cash on hand equals $300 for cash replenishment.
A pool of money designated for a certain use is known as a fund. A fund can be created for a variety of reasons, such as when a municipal fund government puts aside funds to build a new civic center, a college sets aside funds to give out scholarships, or an insurance company sets aside funds to settle claim payments from its clients.
Money can be invested in many types of funds by both individual and replenishment institutional investors with the intention of making money. Examples include mutual funds, which pool money from many participants and fund invest it in a diverse portfolio of assets, and hedge funds, which invest the assets of high-net-worth individuals (HNWI) and institutions in a way that is intended to achieve returns that are higher than the market average.
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under which conditions will an investor demand a larger return (yield) on a bond? multiple choice the bond issue is upgraded from a to aa. the bond issue is downgraded from a to bbb. interest rates decrease due to decline in inflation. none of the conditions will cause an increase in the bond's yield.
When a bond issue is downgraded from A to BBB, an investor will demand a higher return (yield).
What is demand?The quantity of a good that consumers are willing and able to purchase at various prices at any given time is referred to as demand. The demand curve is the relationship between price and quantity demand. Demand is simply a consumer's desire to purchase goods and services without hesitation and pay the price for them. Simply put, demand is the number of goods that customers are ready and willing to purchase at various prices during a given time period. For example, if a hungry consumer purchases a slice of pizza, the first slice will provide the most benefit or utility. Each additional slice increases consumer satisfaction while decreasing utility.To learn more about demand, refer to:
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the owner of the company in which you work is dominant, self-confident, convinced of the moral righteousness of her beliefs, and able to inspire a sense of excitement and adventure in employee followers. she is known as a(n) leader.
The owner of the company in which your work who is dominant, self-confident, convinced of the moral righteousness of her beliefs, and able to inspire a sense of excitement and adventure in employee followers will be known as a charismatic leader.
A charismatic personality can be described as a personality that is highly willpower, magnetic, self-empowered depicting high levels of confidence.
In the scenario above, the characteristics mentioned for the owner of a company are all charismatic as they make the owner more likable and produce a sense of respect for her within you.
We will say that the owner of the company will have a charismatic personality as she is confident and believes in moral rights and also inspires others.
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List and explain four costs and risks of holding little inventory
Answer: death and starvation
Explanation:
if you are on little supply that’s not good for the human body. However you will be able to survive about 4 months.
According to the digital disconnect and the lecture, the global digital divide is the result of _____.
According to Digital Disconnect, the global digital divide is the result of the hyper-commercialization of Internet development that only serves affluent populations/groups.
The Digital Disconnect refers to experts' examination of current theory, research, and practice in socio-digital inequality. The Digital Disconnect provides a thorough analysis of capitalism's exploitation of the Internet. As per the Digital Disconnect, it is the hypercommercialism of mainstream computing technologies that causes the global digital divide. The global digital divide refers to global discrepancies, particularly between developing countries, and developed in access to computing and information resources such as the Internet, as well as the opportunities that such access provides.
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when considering economic growth, many policy makers focus on real gross domestic product (gdp) per capita since it takes into account the potentially distorting effects of
When considering economic growth, many policy makers focus on real gross domestic product (GDP) per capita since it! takes into account the potentially distorting effects of population change.
What is gross domestic product?Gross domestic product can be described as the standard measure that is been used by the economist when trying to measure the economic growth that can be associated to the country over a particular period of time.
It should be noted that this is been done through the finding the measurement of the value added created that can be attributed to the production of goods as well as the services that can be found in the country with respect to a particular period.
In conclusion , this tool do take into consideration of the income that is been earned during the production, as well as the total amount spent on goods with the consideration of the population of the country.
Therefore, the first option is correct.
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Check the missing options;
O population change. O pollution. O unemployment. Any large, sustainable increase in real GDP must be due to steadily increasing levels of research and development. labor productivity. birth rates. O levels of labor force participation.
on october 1, 2024, a company purchased a piece of land by agreeing to pay the seller $450,000 in two years. if the company had borrowed the money from a bank to pay the seller immediately, management estimates the bank would have required interest of 9%. calculate the amount of interest expense the company would record for its year ending december 31, 2024 (rounded to the nearest dollar).
Answer:
$10,125
Explanation:
Given:
IR = 9%
Loan = $450,000
Time = 0.25 Year (October-December is 3 months)
Unknowns:
Interest Expense = ?
Equation:
Interest Expense = (Loan) (Time) (Interest Rate)
Interest Expense = (450000)(0.25)(0.9) = 10,125
Solution:
Interest Expense = $10,125
The amount of interest expense the company would record for its year ending December 31, 2024, is $10,125.
What is interest expense?The cost of obtaining financing is calculated as the total amount of interest paid on a mortgage or other debt over a specific time period. In most cases, interest expenditure is reported on a company's income statement.
To calculate interest expense it is given that
interest rate = 9%
loan amount= 450000
time = 0.25years
In the given case, Since the loan was taken out in October and the fiscal year ends in December, the interest charge will be $10,125 for a period of three months, or 0.25 years.
Interest charge = 450000* 0.25 * 0.09
=$10,125.
Therefore, the amount for interest expense will be $10,125.
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question content area during periods of decreasing costs, the use of the lifo method of costing inventory will result in a lower amount of net income than would result from the use of the fifo method. true false
The fifo approach would produce more net income at times of declining expenses, while the lifo method would produce less net income during the same times. So the correct response is true.
Write an account on lifo method of costing inventory.Utilizing the lifo method of costing inventories will produce less net income than doing so using the fifo approach during periods of declining costs.
When the expenses of making a product or acquiring inventory have been rising, the COGS (Cost of Goods Sold) computation uses the LIFO approach. Inflation may be to blame.
Although a company's profits may decline as a result of using the LIFO accounting system, it may also result in a reduction in the amount of corporate tax due. These savings could be substantial for a corporation if the cost rises persist for a while.
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Do not recall password and i am not receiving password reset email. i wish to cancel my subscription and not be charged now that i am done with school.
In case you did no longer request to acquire those password reset emails, the high-quality route of action is to disregard them.
With software being utilized in so many regions of lifestyles, it is not unusual now to acquire a password reset notification without inquiring for it.
That may be due to a simple typo or someone genuinely trying to advantage get the right of entry to a person else's account. it is able to be puzzling—even alarming—to acquire these emails.
If a person maintains trying to request a password reset, your e-mail address can be fetched through malware, phishing emails, or attacking internet sites.
Run anti-virus/anti-malware scans in your laptop. make certain not to submit your electronic mail cope with publicly or subscribe to suspicious internet pages.
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if a lump-sum income tax of $30 billion is levied and the mps is 0.40, the consumption schedule will shift multiple choice downward by $30 billion. downward by $18 billion. downward by $12 billion. upward by $18 billion.
If a lump-sum income tax of $30 billion is levied and the MPs is 0.40, the consumption schedule will shift downward by 18 billion.
The term "income" generally refers to the transfer of money, property, and other value received over a period of time in exchange for services or products. There is no single standard definition. Income is defined according to the context in which the concept is used. The three most important types of income are earned income, passive income, and portfolio income.
Earned income includes wages, salaries, tips, and commissions. Passive or unearned income is derived from rental properties, royalties, and limited partnerships. Portfolio or investment income includes interest, dividends, and investment income. Source of Income means an employer or subsequent employer or other person or entity owing or expected to pay income to a payer.
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Tennyson's ultimate goal is to work as the CEO of an advertising agency. One of her goals is to "gain the required experience for the position." What type of goal would this be?
OA performance-based
OB. time-based
O C.
OD. long-term
mid-term
The type of goal that is been used when Tennyson's ultimate goal is to work as the CEO of an advertising agency and one of her goals is to "gain the required experience for the position is B. time-based goal.
What is time-based goal?
Time-based goal can be described as the goal that is been focused so that it can be achieved on a target date, it involve focusing on a particular thing at a time so as to be successful in it.
In conclusion, from the case above , we can see that her goal is to work as the CEO of an advertising agency which is specific and have time.
Therefore, option B is correct.
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Apex fitness club uses straight-line depreciation for a machine costing $28,800, with an estimated four-year life and a $2,300 salvage value. at the beginning of the third year, apex determines that the machine has three more years of remaining useful life, after which it will have an estimated $1,850 salvage value.
The book value of the asset at the end of the second year is $15,550.
The depreciation for each of the final three years is $4,566.67.
What is the book value and the depreciation?Straight line depreciation method is a method that is used to depreciate the value of an asset. The value of the asset is depreciated linearly over the useful life of the asset.
Depreciation expense = (cost of the asset - salvage value) / useful life
(28,800 - $2,300) / 4 = $6,625
Book value is the cost of the asset less its accumulated depreciation
Book value = cost of the asset - accumulated depreciation
Accumulated depreciation = yearly depreciation expense x number of years
$6,625 x 2 = $13,250
Book value = $28,800- $13,250 = $15,550
Depreciation expense using the revised estimate = ($15,550 - $1,850) / 3 = $4,566.67
Here is the complete question:
Compute (1) the machine’s book value at the end of its second year and (2) the amount of depreciation for each of the final three years given the revised estimates.
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Invented by the well-known quality control statistician dr. Kaoru ishikawa, what is the name of the analysis tool that provides a systematic way of looking at effects and the causes that create or contribute to those effects?.
A visual aid for classifying a problem's possible origins is a fishbone diagram. This technique is used to determine the underlying causes of issues.
What is Fishbone structure?An effective visual representation of cause and consequence is a fishbone diagram. It is a more organized method than some other problem-solving programs on the market (e.g., the Five Whys tool). The issue or result is seen at the fish's mouth or head.The cause-and-effect analysis tool most frequently used in Six Sigma is the fishbone diagram. One of the most important responsibilities in any Six Sigma DMAIC project is cause-and-effect analysis because when the right root causes of the issue (the Y) are identified, half the battle is won.One of the seven quality circles (QC) tools is a fish-bone diagram. Visualizing potential causes makes it easier to identify the underlying cause of a specific issue.To learn more about Fishbone structure refer to:
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hansen construction, inc., has consistently used the input method based on costs incurred to recognize revenue over time. during year 1, hansen started work on a $3 million fixed-price construction contract. the accounting records disclosed the following data for the year ended december 31, year 1: costs incurred $ 930,000 estimated costs to complete 2,170,000 amounts billed 1,100,000 collections 700,000 how much loss should hansen have recognized in year 1? $230,000 $0 $100,000 $30,000
The loss recognized by Hansen will be equal to $100000.
Revenue may be defined as the benefits and profits that are earned by any company from the selling of its manufactured products. There are many expenses incurred during manufacture of the products by any company. If the cost of manufacturing is less than the revenue, then the company is in profit and if the cost of manufacturing is more than the revenue, then the company is in loss. According to the question If the amount spent by Hansen Construction in 1 year is $930,000 and the amount estimated that it still needs is $2,170,000 to complete the contract, their total cost for the contract is $3,100,000. Since the contract is fixed price at $3,000,000, then Hansen is going at a loss of $100,000. So, Hansen should recognize the whole $100,000 loss in year 1 as soon as it is able to estimate it.
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yoko bought a desktop computer and a laptop computer. before finance charges, the laptop cost more than the desktop. she paid for the computers using two different financing plans. for the desktop the interest rate was per year, and for the laptop it was per year. the total finance charges for one year were . how much did each computer cost before finance charges?
Each computer cost before finance charges could be simply calculated by simple interest rate. If we are not very sure how they want you to calculate the finance charges, but if it's just simple interest then the answer could be find out by:
Suppose, Let D = cost of desktop
Then L = cost of laptop = D + (whatever the cost of the laptop is)
Putting the values for the cost of desktop and laptop , the cost before finance charges is easy to obtain with the specific amount of interest rate(that should be given). If the cost of the laptop is low as compared to computer desktop, we would prefer laptop.
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