User Account

All Pages

Calculate the cost in dollars bondoc co ltd will charge

Assignment Help Accounting Basics
Reference no: EM133174525

Question - 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 -

Calculate the cost in dollars Bondoc Co. Ltd. will charge.

Calculate the EAR Bondoc Co. Ltd. will charge.

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: EM133174525

Questions Cloud

By how much would the private equity firm yield : By how much would the private Equity Firm's Yield on the investment using Leverage exceed the Yield if the acquisition was made with cash only
How much of this amount was he permitted to rollover : Roger's job was terminated, and he was given a severance allowance of $25,000. How much of this amount was he permitted to rollover into his RRSP
Prepare the adjusting entry required at december : Crane Company's general ledger showed $755 in the Supplies account on January 1, 2021. Prepare the adjusting entry required at December
Manage and enhance the employee relationship : Manage and enhance the employee relationship to create better working lives and to understand the significant impact this can have on organisational performance
Calculate the cost in dollars bondoc co ltd will charge : To make matters worse, his automobile broke down, requiring $1,500 in repairs. Calculate the cost in dollars Bondoc Co Ltd will charge
Hypothetical interview with human service professional : Hypothetical interview with a human service professional who has been practicing for at least three years.
Prepare the current assets section of the balance sheet : The adjusted trial balance of Crane Company includes the following accounts: Accounts Receivable $12,100, Prepare current assets section of the balance sheet
Creating hostile work environment : What are some examples of behavior that either yourself or friend of yours has experienced at work that might be viewed as creating a 'hostile work environment'
Compute the accounting rate of return for this investment : The investment costs $52,500 and has an estimated $6,600 salvage value. Compute the accounting rate of return for this investment

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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