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erik1franks
16.04.2020 •
Business
Billed a customer OMR12,500 for services, on account and received OMR 8,500. The balance
amount he agreed to pay later.
what is the credit and Debit?
Solved
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Ответ:
Ted is giving up an interest of 37.5 by pre-committing his money to a Christmas savings account
Explanation:
Step 1: Determine interest amount
The formula for calculating interest is as follows;
I=PRT
where;
I=interest
P=principal
R=annual interest rate
T=number of years
In our case;
P=750
R=10%=10/100=0.1
T=From June 1 to December 1=6 months=0.5 years
replacing;
I=(750×0.1×0.5)=$37.5
Step 2: Determine total amount Ted will have for the two scenarios
case 1
Christmas savings program=750
Ordinary savings account=(750+37.5)=787.5
Ted is giving up an interest of 37.5 by pre-committing his money to a Christmas savings account