Calculate the cost in dollars bondoc co ltd will charge

Assignment Help Accounting Basics
Reference no: EM133166064

Question - Debt and Credit Management - Jack is a 40-year-old man who lives in a Mississauga apartment he owns. He has lately lost his job and he's currently on unemployment benefits. To make matters worse, his automobile broke down, requiring $1,500 in repairs. He's thinking about taking out a payday loan from Bondoc Co. Ltd. which offers payday loans for a flat fee of $15 per loan plus 12% of principal, for up to 28 days. Jack wants to borrow $1,500 for 25 days from the company.

Required -

(a) Calculate the cost in dollars Bondoc Co. Ltd. will charge.

(b) Calculate the EAR Bondoc Co. Ltd. will charge.

(c) A payday loan might not be the best option for Jack. (1) Explain why and (2) suggest another alternative to the payday loan for Jack.

Reference no: EM133166064

Questions Cloud

What is utilitarianism : 1. What is Utilitarianism? Why is it important in our professional and personal lives?
Types of leadership behaviors : For your initial post, select a public company to research organizational change and connect the leadership theories and change elements we have covered so far.
Describe the major challenge facing the marketer : As two forms of fixed-margin pricing, describe the differences between cost-based pricing and demand-based pricing. Describe major challenge facing marketer
Describe the consequences of childhood obesity : Describe the consequences of childhood obesity, and explain why middle and late childhood is an especially difficult time for a child to be obese.
Calculate the cost in dollars bondoc co ltd will charge : Debt and Credit Management - Jack is a 40-year-old man who lives in a Mississauga apartment he owns. Calculate the cost in dollars Bondoc Co Ltd will charge
What is the budgeted cash collections for april : The expenses for April are expected to be $9,500 including $1,000 for depreciation on machinery. What is the budgeted cash collections for April
Drive effective business decisions : Managerial accounting can be a complex job. Many different calculations need to be completed to assist an organization with its financial statements.
Apple bets on augmented reality case : Based on your reading of the "Apple Bets on Augmented Reality" case (9-621-007) and Apple 10-K (annual filing), please answer the following two questions.
Determine the earnings before taxes : The following information is given to you relating to the operations of Princehall Corporation: Determine the earnings before taxes

Reviews

Write a Review

Accounting Basics Questions & Answers

  If lind company had net income of 300000 in 2011 and it

if lind company had net income of 300000 in 2011 and it experienced a 24.5 increase in net income for 2012 what is its

  Outline how each of these strengths affect the audit overall

The computer hardware at both locations is kept in locked offices. Outline how each of these strengths affect the audit overall

  Describe free market capitalism

Describe creative capitalism. Explain the concept of corporate social responsibility using two examples of socially responsible companies.

  What is the amount of the loss to be reported

She purchased the home for $440,000 and made capital improvements to the home costing $70,000. What is the amount of the loss to be reported

  Record the transactions in the general journal

The company issued 7,000 shares of stock in exchange for equipment that had a fair market value of $160,000. Record the transactions in the general journal

  How much debt should be incurred

ABC and XYZ Partnership has $3 million in total assets, $1.65 million in equity, and a $500,000 capital budget. How much debt should be incurred

  Should the bakery make the purchase

The machine will produce 10,000 donuts per year, with each costing $2.00 to make and priced at $4.00. Should the bakery make the purchase

  Hhi be indifferent between making and buying the motors

At what level of expected fan sales would HHI be indifferent between making and buying the motors

  Show workings to calculate the Capital at April

He kept very basic records and after 3 months provided you with the following balances at 1 April 2022: Show workings to calculate the Capital at April

  Two independent normal populations

Two samples of sizes n1 = 20 and n2 = 15 taken from two independent normal populations with known standard deviations, σ1 = 3.5 and σ2 = 4.2, produced sample averages, x¯1 = 15.5 and x¯2 = 13.8.

  Prepare all necessary journal entries

Contract price: 3,000,000; Actual cost: $1,200,000; Estimated cost to complete: $800,000; Prepare all necessary journal entries including the revenue

  Schuss corporation sold equipment to potsdam company for

schuss corporation sold equipment to potsdam company for 29000. the equipment is on schusss books at a net amount of

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd