A person wants to borrow $5,000 at 1% interest rate for 5 years. The equation to use to determine the total finance charge would be what?

5 = FC x .01 x $5,000

$5,000 = FC x.01 x 5

FC = $5,000 x .01 x5

.01 = FC x $5,000 x 5

A person wants to persuade others to accept a specific hypothesis, record the details, and document a current phenomenon for future researchers. What kind of report does this person need to do?

What is a benefit of a grant?

A. You can pay it back over many years

B. You don't have to pay it back

C. The interest rate is fixed at 10%

D. A grant can be paid back in money or gold

Which of the following is the purpose of Closing Entries?

A. Determine total revenue

B. Determine firm profitability

C. Determine total costs

D. Determine total sales