BUSINESS HIGH SCHOOL

On April​ 1, 2019, Barnes Services received a​ 9-month note for​ $12,000 at​ 12%. Calculate the amount of interest due at maturity.​ (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest​ dollar.)

Answers

Answer 1
Answer:

Answer:

$1,043

Explanation:

Assuming a 12% annual rate, we can convert it to a quarterly rate.

The equivalent quarterly rate is 2.9%.

9 months is the sames as 3 quarters, therefore, we can use the following formula to find the full value of the note at maturity:

12,000 = X (1 + 0.029)^3

12,000 = X(0.92)

12,000/0.92 = X

13,043 = X

Therefore, the interest due at maturity is:

13.043 - 12,000 = 1,043

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Answers

Answer:

1. smartphone apps and flash drives are substitutes, and smartphone apps and smartphones are complements

Explanation:

Complements are goods that are consumed together. If the price of one of the goods increases, the demand for the other good increases. This indicates that smartphone and smartphone apps are complements.

Substitutes are goods that can be used in place of each other. If the price of one good falls, the consumer demands more of that good and less of the subsituite goods. This shows that smartphone apps and flash drives are substitutes.

I hope my answer helps you

Final answer:

The question discusses the concepts of substitutes and complements. When the price of smartphone apps falls, Justin buys fewer of its substitute (flash drives) and more of its complement (a smartphone).

Explanation:

The question refers to two economic concepts: substitutes and complements. Substitutes are goods or services that can be used in place of each other. If the price of one good falls, people tend to consume less of its substitute and instead consume more of the cheaper good. This is called the substitution effect. For instance, if the price of smartphone apps declines, Justin buys fewer flash drives (since these are now relatively more expensive) and more apps.

Meanwhile, complements are goods that are typically consumed together. If the price of one good drops, the demand for its complement tends to increase. So in Justin's case, because the price of apps fell, he also bought a new smartphone to go along with the apps. Here, smartphone apps and smartphones are complements.

Therefore, for Justin, smartphone apps and flash drives are substitutes, while smartphone apps and smartphones are complements.

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Answers

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Answers

Answer:

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Answers

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Answers

Answer:

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