Compute the Ordinary Interest (360-Day Year) and the Total Amount

question 61

Short Answer

Compute the ordinary interest (360-day year) and the total amount of the loan in the following problems. Round answers to the nearest cent.​
​

---

Definitions:

Variable Production Cost

Costs that fluctuate with the production volume, including variable manufacturing overhead, direct materials, and direct labor.

Fixed Production Cost

Costs that do not vary with the level of output, such as salaries, rent, and depreciation of production facilities.

Selling & Admin. Expense

Operating expenses related to selling the product and managing the business, excluding production costs.

Break-Even Point

The level of production or sales at which total revenues equal total expenses, resulting in no profit or loss.