John has a balance of $3000 on his credit card that charges 1% interest per month on any unpaid balance. John can afford to pay$100 toward the balance each month. His balance each month after making a $100 payment is given by the recursively defined sequence $$ B_0= $3000,\quad B_n=1.01B_{n-1}-100 $$ (a) Determine John’s balance after making the first payment. That is, determine $B_1$. (b) Using a graphing utility, determine when John’s balance will be below $2000. How many payments of$100 have been made? (c) Using a graphing utility, determine when John will pay off the balance. What is the total of all the payments? (d) What was John’s interest expense?

As of January 1, Terrace Waters, Capital, had a credit balance of $314,000. During the year, withdrawals totaled$10,000, and the business incurred a net loss of $320,000.

b. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance? Explain.

Zero-balance account Union Company is considering establishment of a zero-balance account. The firm currently maintains an average balance of $420,000 in its disbursement account. As compensation to the bank for maintaining the zero-balance account, the firm will have to pay a monthly fee of$1,000 and maintain a $300,000 non–interest-earning deposit in the bank. The firm currently has no other deposits in the bank. Evaluate the proposed zero-balance account, and make a recommendation to the firm, assuming that it has a 12% opportunity cost.

What are two important characteristics of digital media?

Explain normal balances. Give three examples of accounts that will normally have a debit balance and three accounts that will normally have a credit balance.

Justin earned $25.67 one week and$37.85 the next week. He also purchased a DVD for $19.99 and gas for his car for$22.07. He started with a zero balance in his checking account. Justin recorded all of these transactions in his checkbook and ended up with a balance of $ 105.58. Was his balance correct? If it was, write an equation to support the answer. If not, find the correct balance.

Refer to the T-accounts in the previous exercise. Compute ending balances and prepare Belle Company's balance sheet. Assume the balance sheet is dated December 31, 2010. (Hint: The December 31, 2010, D. Belle, Capital account balance is $29.280.)

Phil bought a car by taking out a loan for $18,500 at 0.5% interest per month. Phil’s normal monthly payment is$434.47 per month, but he decides that he can afford to pay $100 extra toward the balance each month. His balance each month is given by the recursively defined sequence$B_{0}=$18,500, \quad B_{n}=1.005 B_{n-1}-534.47$ Determine Phil’s balance after making the first payment. That is, determine $B_1 .$

True or False. A function is a relation between two sets D and R so that each element x in the first set D is related to exactly one element y in the second set R.

Look at the maps of Europe before and after World War I in Lesson 4. Describe the changes in national boundaries after the Versailles peace settlement. How might the redrawn map of Europe lead to new conflict among European powers?

Find the balance in the account.

You deposit $520 in an account with 4% interest compounded monthly. What is the balance in the account after 5 years?

As of January 1, Brenda Cikan, Capital, had a credit balance of $125,000. During the year, withdrawals totaled$7,000, and the business incurred a net loss of $130,000.

b. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance? Explain.

As of January 1, Retained Earnings had a credit balance of $314,000. During the year, dividends totaled$10,000, and the business incurred a net loss of $320,000.

b. Assuming that there have been no recording errors, will the balance sheet prepared at December 31 balance? Explain

Suppose that a country has a trade surplus of $50 billion, a balance on the capital account of$10 billion, and a balance on the current account of −$200 billion. The balance on the capital and financial account will be:

a.$10 billion.

b. $50 billion.

c.$200 billion.

d. −$200 billion.