Explicit costs and implicit costs: a. are alike in that both represent opportunity costs b. differ in that only explicit costs are deducted from revenue to find economic profit c. are alike in that both reflect an outlay of cash d. are alike in that both are deducted from revenue to find accounting profit

The Franklins bought a house for \( \$ 262,000 \). They put \( 20 \% \) down and financed the rest with a thirty-year loan at \( 5 \frac{3}{8} \% \). (a) Find their monthly payment. (Round your answer to the nearest cent.) \( \$ 1173.70 \) (b) If they paid an extra \( \$ 85 \) per month, how early would their loan be paid off? (HINT: This involves some trial-and- (Hr

If \( \$ 6000 \) is invested in a bank account at an interest rate of \( 6 \% \) per year, Find the amount in the bank after 6 years if interest is compounded annuall 8511.11 Find the amount in the bank after 6 years if interest is compounded quaterly Find the amount in the bank after 6 years if interest is compounded monthly

Suppose that \( \$ 8500 \) is placed in an account that pays \( 17 \% \) interest compounded each year, Assume that no withdrawals are made from the account, Follow the instructions below, Do not do any rounding. (a) Find the amount in the account at the end of 1 vear. (b) Find the amount in the account at the end of 2 years. \( \$ 11637.15 \)

If \( \$ 3000 \) is invested in a bank account at an interest rate of \( 9 \% \) per year, Find the amount in the bank after 5 years if interest is compounded annually: Find the amount in the bank after 5 years if interest is compounded quaterly: Find the amount in the bank after 5 years if interest is compounded monthly: Finally, find the amount in the bank after 5 years if interest is compounded continuou

Suppose Lisa borrows \( \$ 7500 \) at an interest rate of \( 4 \% \) compounded each year. Assume that no payments are made on the loan. Follow the instructions below. Do not do any rounding. \[ \begin{array}{l}\text { (a) Find the amount owed at the end of } 1 \text { year. } \\ \text { (b) Find the amount owed at the end of } 2 \text { years. }\end{array} \]