Fred ran short on cash and borrowed $300 through a Payday Loan company. The company charged him a fee of $60 to borrow the $300 for 14 days. Using the simple interest method calculate what interest rate was Fred charged for the aforementioned loan
A) 5.21%
B) 52.13%
C) 521.29%
D) None of the above
Answer: C
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Superior Sales Company offers warranties on all its electronic goods. Warranty expense is estimated at 3.5% of sales revenue. In 2018, Superior had sales of $333,000. In the same year, Superior replaced defective goods with merchandise inventory costing $8,750. Prepare the journal entry to record the warranty expense. Omit explanation.
What will be an ideal response?
Calculate the cost of goods manufactured using the following information: Direct materials used$298,500 Direct labor used 132,000 Factory overhead costs 264,000 General and administrative expenses 85,500 Selling expenses 48,800 Work in Process inventory, January 1 118,500 Work in Process inventory, December 31 125,900 Finished goods inventory, January 1 232,100 Finished goods inventory, December 31 238,700
A. $701,900. B. $772,600. C. $687,100. D. $680,500. E. $674,600.
Which is correct?
a. It's darker than I thought it would be. b. It's more dark than I thought it would be.
Under a perpetual inventory system, merchandise returned by a customer to the seller is recorded as a ________ in the books of seller
A) sales return B) sales allowance C) sales discount D) purchase return