Find the Exact Interest on a Loan of $1100 at 8

question 33

Multiple Choice

Find the exact interest on a loan of $1100 at 8% annually for 155 days.

• A) $3.79
• B) $37.37
• C) $37.89
• D) $3.74

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Definitions:

Overhead Rate Variance

Overhead Rate Variance is the difference between the actual overhead costs incurred and the overhead costs allocated based on a predetermined rate.

Variable Overhead Efficiency Variance

The difference between the actual hours taken to produce an item and the standard hours expected, multiplied by the standard variable overhead rate.

Variable Manufacturing Overhead

Costs in manufacturing that vary with the level of production output, such as utilities or materials used in production.

Efficiency

The ratio of the output gained from a system to the input used, often used to evaluate the performance of a business operation or machine.