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Beau F.
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Finance
TutorMe
Question:

You look at your credit card statement and it says "Interest is charged monthly at 1.25% of the unpaid balance." What is the EAR?

Beau F.
Answer:

EAR=(1+i/n)^n -1 i=stated interest rate (.0125) and n=# of periods (12) EAR=(1+(.0125/12))^12 -1 EAR=.012572 EAR=1.2572%

Algebra
TutorMe
Question:

Solve the equation: 2(3x-2)-3(x-3)= -3(-2x-2)-5x+3

Beau F.
Answer:

Step 1: Multiply the Factors: 6x-4-3x+9 = 6x+6-5x+3 Step 2: Group the Terms: 3x+5 = x+9 Step 3: Simplify 3x+5 = x+9 -x -x 2x+5=9 -5=-5 2x=4 x=2

Business
TutorMe
Question:

Accounting: ABC Company makes a prepayment of $1,800 in January 2017 for a 12 month lease. Prepare the journal entry to account for the Prepaid Rent in January, then prepare the adjusting journal entry to account for the month of February

Beau F.
Answer:

January 2017 Dr: Prepaid Rent (Asset Increasing) 1,800 Cr: Cash (Asset Decreasing) 1,800 February 2017 Dr: Rent Expense (Equity Decreasing) 150 Cr: Prepaid Rent (Asset Decreasing) 150

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