Using the high-low method and the Millco data above, what is the approximate fixed cost component of the monthly maintenance costs? Group of answer choices

Answers

Answer 1

Millco Inc. manufactures electronic parts They are analyzing their monthly maintenance costs to determine the best way to budget these costs in the future. They have collected the following data for the last six months:

Months           Machine Hours    Maintenance Costs

January                 30,000                 $67,500

February               40,000                   74,500

March                    37,500                  65,900

April                      39,000                   68,750

May                       42,300                  74,000

June                     35,000                   64,500

Answer:

Millco Inc.

The approximate fixed cost component of the monthly maintenance costs is:

$51,600.

Explanation:

a) Data and Calculations:

Months           Machine Hours    Maintenance Costs

January                 30,000                  $67,500

February               40,000                    74,500

March                    37,500                   65,900

April                      39,000                    68,750

May                      42,300                   74,000

June                     35,000                   64,500

High-low:

May                       42,300                  $74,000 for highest

January                30,000                    67,500 for lowest

Difference            12,300                    $6,500

Variable costs = $0.53 ($6,500/12,300)

Using May, the total variable cost = 42,300 * $0.53 = $22,419

Fixed cost = $51,581 ($74,000 - $22,419)

or approximately $51,600


Related Questions

khái niệm giao tiếp trong tổ chức

Answers

Answer:

bu kin jhu

Explanation:

John jvghh bugs HHH jhu UV juggle

advantages of profit maximization​

Answers

Profit can be used to pay higher wages to owners and workers. ...
Profit can be used to invest in research & development. ...
Profit enables the firm to build up savings, which could help the firm survive an economic downturn.

Answer:

Improved ratios will enhance investor's confidence and therefore share price.

Access to a wider range of finance because of a better image to creditors.

Long-term profits will improve liquidity and cash flows, which can be used for future investments, dividends, loan payments or retained.

Cozy, Inc., manufactures small and large blankets. It estimates $530,850 in overhead during the manufacturing of 64,247 small blankets and 98,875 large blankets. What is the predetermined overhead rate per machine hour if a small blanket takes 2 machine hour and a large blanket takes 3 machine hours

Answers

Answer:

Predetermined manufacturing overhead rate= $1.25 per machine hour

Explanation:

Giving the following information:

Estimated manufacturing overhead= $530,850

Total estimated machine hours= 64,247*2 + 98,875*3= 425,119

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 530,850 / 425,119

Predetermined manufacturing overhead rate= $1.25 per machine hour

Help please
Identify ways to reduce shrinkage ​

Answers

Answer:

Increase Employee Accountability. ...

Train Staff to Follow Security Policies and Procedures. ...

Consider Your Store Layout. ...

Develop a Culture of Loss Prevention. ...

Invest in Automated Cash Management Technology.

Asian Lamp Company manufactures lamps. The estimated number of lamp sales for the last three months for the current year are as follows: Month Sales
October 10,000
November 14,000
December 13,000
Finished goods inventory at the end of September was 3,000 units. Ending finished goods inventory is budgeted to equal 25 percent of the next month's sales. Asian Lamp expects to sell the lamps for $25 each. January sales is projected at 16,000 lamps.
In going from the sales budget to the production budget, adjustments to the sales budget need to be made for
a. cash receipts.
b. finished goods inventories.
c. factory overhead costs.
d. selling expenses

Answers

Answer:

Asian Lamp Company

In going from the sales budget to the production budget, adjustments to the sales budget need to be made for

b. finished goods inventories.

Explanation:

a) Data and Calculations:

Sales Budget               October   November   December    January

Ending inventory            3,500         3,250          4,000

Estimated sales units   10,000        14,000        13,000         16,000

Units available for sale 13,500        17,250        17,000

Beginning inventory      3,000         3,500          3,250          4,000

Production units           10,500        13,750         13,750

A TV manufacturer offers warranties on its new TV sales. During December 2004, TV sales totaled $205,000. Past experience shows that warranty expense averages about 3% of the annual sales. What adjusting journal entry should be recorded on December 31, 2004 to account for the warranty expense

Answers

Answer:

Date                    Account Title                                        Debit              Credit

Dec 31, 2004     Warranty expense                             $6,150

                           Warranty Liability                                                    $6,150

Explanation:

First calculate the warranty expense:

= TV sales total * Warranty expense averages

= 205,000 * 3%

= $6,150

This will be credited to the Warranty liability account to reflect that the company potentially owes $6,150 in warranty expenses to people who purchased TVs.


How does the price range affect the elasticity of demand for a product?
Demand for all goods is elastic if the price is low enough.
Price range has little or no effect on elasticity of demand for a good.
Demand for a good can be inelastic at a low price, but elastic at a high price.
Demand for a good can be elastic at a low price but inelastic at a high price.

Answers

Answer:

How does the price range affect the elasticity of demand for a product?

Demand for all goods is elastic if the price is low enough.

Price range has little or no effect on elasticity of demand for a good.

Demand for a good can be inelastic at a low price, but elastic at a high price.

Demand for a good can be elastic at a low price but inelastic at a high price.

Explanation:

How does the price range affect the elasticity of demand for a product?

Demand for all goods is elastic if the price is low enough.

Price range has little or no effect on elasticity of demand for a good.

Demand for a good can be inelastic at a low price, but elastic at a high price.

Demand for a good can be elastic at a low price but inelastic at a high price.

Answer:

the answer is demand for a good can be inelastic at a low price, but elastic at a high price.

Explanation:

)An investor is trying to decide between a muni paying 5.75 percent or an equivalent taxablecorporate paying 8.25 percent. What is the minimum marginal tax rate the investor must have toconsider buying the municipal bond

Answers

Answer: 30.3%

Explanation:

Because taxes are not paid on municipal bond interest, their interest rates are usually lower with the difference accounting for the taxes paid.

For a municipal bond to be similar to a corporate bond, the tax rate must be such that it makes them equal:

Municipal bond return = Corporate bond return * (1  - tax rate)

5.75% = 8.25% * (1 - tax)

1 - tax rate = 5.75% / 8.25%

1 = 0.6969697 + Tax rate

Tax rate = 1 - 0.6969697

= 30.3%

Inc. has just now paid a dividend of $2.50 per share (Div0); its dividends are expected to grow at a constant rate of 4 percent per year forever. If the required rate of return on the stock is 14 percent, what is the current value of the stock, after paying the dividend?
a. $26
b. $25
c. $17.86
d. $21.33

Answers

Answer: a. $26

Explanation:

Given the details in the question, the value of the stock can be calculated by the Gordon Growth Model:

= Next dividend / (Required return - growth rate)

= (Current dividend * growth rate) / (Required return - growth rate)

= (2.50 * (1 + 4%)) / (14% - 4%)

= 2.625 / 10%

= $26.25

= $26

A company has the following budgeted information: Cash receipts: $542,000; Beginning cash balance: $10,000; Cash payments (including interest payments): $560,000; Outstanding loan balance: $100,000; Desired ending cash balance: $50,000. In order to maintain the desired cash balance, the company will need to: Multiple choice question. borrow $42,000 borrow $58,000 borrow $8,000 borrow $50,000

Answers

Answer:

Company A

In order to maintain the desired cash balance, the company will need to:

borrow $58,000

Explanation:

a) Data and Calculations:

Cash receipts: $542,000

Beginning cash balance: $10,000

Cash payments (including interest payments): $560,000

Outstanding loan balance: $100,000

Desired ending cash balance: $50,000

Beginning cash balance: $10,000

Cash receipts:              $542,000

Cash available             $552,000

Cash payments (including

interest payments):   $560,000

Cash balance                 ($8,000)

Desired ending balance 50,000

Amount to borrow =     $58,000

Selected accounts with some amounts omitted are as follows: Work in Process Oct. 1 Balance 24,900 Oct. 31 Goods finished X 31 Direct materials 94,400 31 Direct labor 197,000 31 Factory overhead X Finished Goods Oct. 1 Balance 14,800 31 Goods finished 322,700 If the balance of Work in Process on October 31 is $212,900, what was the amount of factory overhead applied in October? a.$197,000 b.$219,300 c.$434,800 d.$94,400

Answers

Answer:

b.$219,300

Explanation:

The computation of the  amount of factory overhead applied in October is given below:

= Opening balance + direct material + direct labor - ending balance - good finished

= 24,900 + 94,400 + 197,000 - 212,900 - 322,700

= -$219,300

= $219,300

Hence, the option b is correct

In 2019, pastured eggs sold for more than twice the price of cage-free eggs and almost 5 times the price of conventional eggs, making pastured eggs more profitable than the other eggs. Over time, this high price for pastured eggs will likely __________ as more farmers decide to _____________- the perfectly competitive pastured egg market.

a. rise; enter
b. fall; enter
c. rise; exit
d. fall; exit

Answers

Answer answer 62837 blah blah

Over time the price for the pastured egg is likely to fall as more farmers decide to enter.

What do you mean by perfectly competitive market?

The perfect competitive market is a type of market structure which allows multiple companies to sell the same product or service. Example: agricultural product.
As more farmers decide to enter the market, there will be more products sold in the market, so the supply of pastured eggs will become higher, and thus, the prices will fall.

Thus, Option B is the right answer.

To learn more, perfectly competitive market refer: https://brainly.com/question/1748396

#SPJ2

Which of the following would not be appropriate to consider in the physical design of a data center?
A
Inclusion of an uninterruptible power supply system and surge protection
B
Use of biometric access systems
С
Evaluation of potential risks from railroad lines and highways
D
Design of authorization tables for operating system access

Answers

It is not appropriate to consider this in the physical design of a data center: D  Design of authorization tables for operating system access.

The physical design of a data center has nothing to do with the design of authorization tables for operating system access, which is mainly a logical control device, and not a physical control.

This factor is actually taken care of after the data center has been located, designed, built, and fully equipped for operation.  Moreover, the design of authorization tables for operating system access has something to do with logical controls and not physical controls.

However, during the physical design, there is always the need to consider the inclusion of an uninterruptible power supply system, surge protector, bio-metric access systems, and the potential risks from railroad lines and highways.

Thus, the issue that should not be considered in the physical design of a data center is the design of authorization tables for operating system access.

Learn more about the physical design of a data center here: https://brainly.com/question/14517816

Dome Metals has credit sales of $144,000 yearly with credit terms of net 120 days, which is also the average collection period. Assume the firm adopts new credit terms of 5/10, net 120 and all customers pay on the last day of the discount period. Any reduction in accounts receivable will be used to reduce the firm's bank loan which costs 10 percent. The new credit terms will increase sales by 20% because the 5% discount will make the firm's price competitive.

Required:
a. If Dome earns 25 percent on sales before discounts, what will be the net change in income if the new credit terms are adopted?
b. Should the firm offer a discount?

Answers

Answer:

a. The net change in income if the new credit terms are adopted is a net gain of $2,880.

b. Since the discount of 5% will result in a net gain which is $2,880, the firm should offer a discount.

Explanation:

a. If Dome earns 25 percent on sales before discounts, what will be the net change in income if the new credit terms are adopted?

Old sales = $144,000

New Sales = Old sales * (100% + Percentage sales increase) = $144,000 * (100% + 20%) = $172,800

Increase in Sales = New Sales - Old sales = $172,800 - $144,000 = $28,800

Increase in Profit from new sales = Profit Margin * Increase in Sales = 25% * $28,800 = $7,200

Average Accounts Receivable without discount = Average Collection Period * Average daily Sales = 120 * ($144,000 / 360) = $48,000

Average Accounts Receivable with discount = Average Collection Period * Average daily Sales = 10 * ($172,800 / 360) = $4,800

Reduction in Accounts Receivable = Average Accounts Receivable without discount - Average Accounts Receivable with discount = $48,000 - $4,800 = $43,200

Loan balance as a result of reduction in accounts receivable. Therefore, we have:

Interest Saving = Interest Rate * Loan Reduction = 10% * $43,200 = $4,320

Cost of Discount = Discount Rate * New Sales = 5% * $172,800 = $8,640

Net Gain (loss) = Increase in Profit form new sales + Interest Saving - Cost of Discount = $7,200 + $4,320 - $8,640 = $2,880

Therefore, the net change in income if the new credit terms are adopted is an net gain of $2,880.

b. Should the firm offer a discount?

Since the discount of 5% will result in a net gain which is $2,880, the firm should offer a discount.

What is the IRR for the following project if its initial after-tax cost is $5,000,000 and it is expected to provide an after-tax operating cash outflow of $(1,300,000) in year 1, followed by inflows of $2,900,000 in year 2, $2,700,000 in year 3, and $2,300,000 in year 4?
a) 15.57%.
b) 17.55%.
c) 13.57%.
d) 15.75%.
e) none of the above.

Answers

Answer:

e) none of the above.

Explanation:

The internal rate of return is the rate of return that equates the present value of cash outflows to the present value of inflows, in essence, a rate of return that gives a zero net present value.

The IRR can be determined using the excel IRR function as shown below:

=IRR(values)

the values are the cash flows arranged from the earliest in year 0 to the latest in year 4 as shown in the attached file.

Elm Corporation is a merchandising company. The year began with inventory of $21,000, Purchases for the year were $46,000, and the Ending Inventory was $8,000. What is the Cost of Goods Sold that would be reported on the income statement

Answers

Answer:

$59,000

Explanation:

Calculation to determine the Cost of Goods Sold that would be reported on the income statement

Using this formula

Cost of Goods Sold=Purchases for the year+beginning Inventory)-Ending Inventory

Let plug in the formula

Cost of Goods Sold=($46,000+$21,000) - $8,000

Cost of Goods Sold=$67,000-$8,000

Cost of Goods Sold=$59,000

Therefore the Cost of Goods Sold that would be reported on the income statement is $59,000

An important assumption that is made when constructing a supply schedule is only price and quantity matter in determining supply. supply is too important to be left to the marketplace. demand has a positive slope. firms always want to sell a certain amount of a product. all other determinants of supply are held constant.

Answers

Answer:

only price and quantity matter in determining supply

all other determinants of supply are held constant

Explanation:

At the time of constructing the supply schedule, only price and quantity should be considered and other factors should remain the same because the factors that impacts the supply other than the price so it shifted the supply curve but when only the price changed so there should be the movement also law of supply represent the direct relationship between tfhe price and the supply

You purchased a stock at a price of $47.52. The stock paid a dividend of $1.55 per share and the stock price at the end of the year was $52.34. What was the total return for the year

Answers

Answer:

13.40%

Explanation:

The price of the stock is $47.52

The stock paid a dividend of $1.55

The stock price at the end of the year is $52.34

Therefore the total return for the year can be calculated as follows

= 52.34-47.52+1.55/47.52

= 6.37/47.52

= 0.1340×100

= 13.40%

Hence the total return for the year is 13.40%

McGill and Smyth have capital balances on January 1 of $42,000 and $38,000, respectively. The partnership income-sharing agreement provides for (1) annual salaries of $16,000 for McGill and $10,000 for Smyth, (2) interest at 11% on beginning capital balances, and (3) remaining income or loss to be shared 70% by McGill and 30% by Smyth.
(a) Prepare a schedule showing the distribution of net income assuming net income is (1)$50,000 and (2) $ 36,000.
(b) Journalize the allocation of net income in each of the situation above .

Answers

Answer:

McGill and Smyth Partnership

a - 1) Allocation of Net Income of $50,000

                                               McGill       Smyth      Total

Capital balances, Jan. 1      $42,000    $38,000  $80,000

Income-sharing:                                                   $50,000

Annual salaries                   $18,000     $10,000 ($28,000)

Interest on capital balances  4,620          4,180      (8,800)

Remaining income/loss         9,240         3,960    (13,200)

Total appropriations          $31,860       $18,140  $50,000

Capital balances, Dec. 31 $73,860      $56,140 $130,000

a -2) Allocation of net income of $36,000:

                                               McGill       Smyth      Total

Capital balances, Jan. 1      $42,000    $38,000  $80,000

Income-sharing:                                                     $36,000

Annual salaries                   $18,000     $10,000 ($28,000)

Interest on capital balances  4,620          4,180      (8,800)

Remaining income/loss           (560)          (240)         800

Total appropriations         $22,060      $13,940  $36,000

Capital balances, Dec. 31 $64,060      $51,940 $116,000

b -1) Allocation of net income  of $50,000:

Debit Annual salaries $28,000

Credit Capital, McGill $18,000

Credit Capital, Smyth $10,000

To record the allocation of annual salaries to the partners.

Debit Interest on Capital $8,800

Credit Capital, McGill $4,620

Credit Capital, Smyth $4,180

To record the allocation of interest on capital.

Debit Income and Loss $13,200

Credit Capital, McGill $9,240

Credit Capital, Smyth $3,960

To record the allocation of remaining income.

b - 2) Allocation of net income  of $36,000:

Debit Annual salaries $28,000

Credit Capital, McGill $18,000

Credit Capital, Smyth $10,000

To record the allocation of annual salaries to the partners.

Debit Interest on Capital $8,800

Credit Capital, McGill $4,620

Credit Capital, Smyth $4,180

To record the allocation of interest on capital.

Debit Capital, McGill $560

Debit Capital, Smyth $240

Credit Income and Loss $800

To record the allocation of remaining income.

Explanation:

a) Data and Calculations:

                                               McGill       Smyth      Total

Capital balances, Jan. 1      $42,000    $38,000  $80,000

Income-sharing:                                                     $50,000

Annual salaries                   $18,000     $10,000 ($28,000)

Interest on capital balances  4,620          4,180      (8,800)

Remaining income/loss sharing 70%          30%

If there are 360 million people living in the U.S, but 1 million died of health issues leaving 289 million eligible workers, what is the unemployment rate if 170 million are in the labor force and 7 million are actively seeking work?

Answers

Answer: 4.12%

Explanation:

Unemployment rate only includes people who are actively looking for work and no discouraged workers or those who have retired:

Unemployment rate = Number of unemployed looking for work / Labor force

= 7,000,000 / 170,000,000

= 4.12%

A frozen foods company changes an ingredient to meet a new government standard. This is an example of
O following a federal regulation.
O lowering prices for customers.
O reducing the risk for consumers.
o creating a new product.

Answers

Following a federal regulation
The answer would be:

O following a federal regulation.

It’s not lowering prices, because there’s no mention of prices in the question, and it wouldn’t be creating a new product if it’s altering a single ingredient. It although it could possibly reduce risk for consumers, the question doesn’t directly say anything about that, so the answer would have to be the top one.

During Year 1, Hardy Merchandising Company purchased $20,000 of inventory on account. Hardy sold inventory on account that cost $15,000 for $22,500. Cash payments on accounts payable were $12,500. There was $20,000 cash collected from accounts receivable. Hardy also paid $4,000 cash for operating expenses. Assume that Hardy started the accounting period with $18,000 in both cash and common stock.

Required:
a. Record the events in a horizontal statement model.
b. What is the balance of accounts recelvable at the end of 2018?
c. What is the balance of accounts payable at the end of 2018?
d. What are the amounts of gross margin and net income for 2018?

Answers

Answer:

[b] = $ 2500

[c] = $ 7500

[d] =  Gross margin = 22500 – 15000 = $ 7500

   Net Income = 7500 – 4000 = $ 3500

[e] = $ 3500

Explanation:

Here the solution is given as follows,

Measuring and reporting quality costs does not solve quality problems. Decreases in quality costs generally occur as soon as improvement programs are implemented. Quality cost information helps managers identify the relative importance of quality problems. The impact of customer ill will is generally not found on quality control reports.

a. True
b. False

Answers

Answer:

True statements:

Measuring and reporting quality costs does not solve quality problems.

Quality cost information helps managers identify the relative importance of quality problems.

The impact of customer ill will is generally not found on quality control reports.

Explanation:

When the quality cost is determined and reported so the same should not solve the problem of the quality also the information related to the quality cost helps the managers to identify the significance of the quality issue

The effect of the customer could not found on the reports made for quality control

But if there is a decrease in the quality cost so the improvement programs could not be implemented soon

Planet Company purchased goods worth $50,000 in July and expects to purchase goods worth $70,000 in August. Planet typically pays for 35% of purchases in the month of purchase and 65% in the following month. What are Planet Company's total expected cash disbursements for purchases in the month of August?
a. $40,000.
b. $57,000.
c. $65,000.
d. $60,000.
e. $100,000.

Answers

Answer:

57,000

Explanation:

Planet company purchases goods worth $50,000July and also expect to purchase goods worth $70,000 in August

They pay 35% of tbs purchase in the month and 75% in the following month

Therefore the total expected cash disbursement can be calculated as follows

= (70,000×35/100)+(50,000+65/100)

= {70,000×0.35) + (50,000+0.65)

= 24,500+32,500

= 57,000

bài tập thực hành kế toán tài chính 1

Answers

Answer:

wut is this

Explanation:

financial acc practice ex 1

You have just been hired as the director of operations for Reidâ Chocolates, a purveyor of exceptionally fine candies. Reid Chocolates is evaluating a kitchen layout under consideration for its recipe making and testing department. The strategy is to provide the best kitchen layout possible so that food scientists can devote their time and energy to productâ improvement, not wasted effort in the kitchen.

Flow Refrigerator Counter Sink Storage Stove
Refrigerator - 8 14 0 0
Counter 7 - 4 4 8
Sink 4 14 - 4 0
Storage 3 0 0 - 5
Stove 0 9 4 11 -

For layout numberâ one, the cumulative â"loadtimesÃâdistance" orâ "movementâcost"equals=_____feet â(enter your response as a wholeâ number).
For layout numberâ two, the cumulativeâ"loadtimesÃâdistance" orâ "movement âcost"= _________feetâ(enter your response as a wholeâ number).

Answers

Solution :

                  Number or strips between the work centers

From/To          Refrigerator(1)     Counter(2)     Sink(3)     Storage(4)        Stove(5)

Refrigerator 1                                     8                  14                0                    0

Counter       2            7                                            4                4                    8

Sink             3             4                      14                                    4                     0

Storage       4            3                       0                 0                                         5

Stove           5            0                      9                  4                  11

The weighted average score can be calculated by finding the distance between the departments.

Departments          No. of strip            Distance            Wt. Distance

       1,2                          8                           4                           32

       1,3                          14                          8                           112

       2,1                          7                            4                           28

       2,3                         4                             4                          16

       2,4                        4                             8                           32

       2,5                        8                            12                           96

       3,1                        4                             8                            32

       3,2                        14                          4                             56

       3,4                         4                          4                             16

        4,1                         3                          12                            36

        4,5                       5                          4                              20

        5,2                      9                            12                            108

        5,3                      4                             8                             32

         5,4                       11                          4                             44  

                                                                                                660

Therefore, load time x distance or the movement cost = 660 feet

Higher customer satisfaction and more efficient use of resources are impacts of businesses that operate with a _______
a: cost saving motive
b: customer service motive
c: efficiency motive
d: profit motive

Answers

Answer:

customer service motive

Answer:

I believe it's C: efficiency motive.

Explanation:

I did inspect element on course hero for the same question, and the answer was highlighted. Additionally, the question seems to highlight efficient uses of resources purposefully in businesses, so it seems that efficiency motive also goes hand in hand with that.

Motorcycle Manufacturers, Inc. projected sales of 59,700 machines for the year. The estimated January 1 inventory is 6,410 units, and the desired December 31 inventory is 7,450 units. What is the budgeted production (in units) for the year? a.60,740 b.59,700 c.45,840 d.58,660

Answers

Answer:

Production= 60,740

Explanation:

Giving the following information:

Sales= 59,700

Beginning inventory= 6,410

Desired Ending inventory= 7,450

To calculate the production for the year, we need to use the following formula:

Production= sales + desired ending inventory - beginning inventory

Production=  59,700 + 7,450 - 6,410

Production= 60,740

On January 1, a machine with a useful life of 10 years and a residual value of $76000 was purchased for $280000. What is the depreciation expense for year 2 under the double-declining-balance method of depreciation

Answers

Answer:

ill try but no promises ok

A loan officer states, "Thousands of dollars can be saved by switching to a 15-year mortgage from a 30-year mortgage." Calculate the difference in payments on a 30-year mortgage at an interest rate of .75% a month versus a 15-year mortgage with an interest rate of .7% a month. Both mortgages are for $100,000 and have monthly payments. What is the difference in total dollars that will be paid to the lender under each loan?

Answers

Answer:

$113,465

Explanation:

Calculation to determine difference in total dollars that will be paid to the lender under each loan

First step is to Calculate the difference in payments on a 30-year mortgage at an interest rate of .75% a month

$100,000 = PMT([1 / (0.0075)] − 1 / {(0.0075)[(1.0075)]^30 × 12})

PMT = $804.62

Second step is to Calculate the difference in payments on a 15-year mortgage at an interest rate of .7% a month

$100,000 = PMT([1 / (0.007)] − 1 / {(0.007 )[ 1.007)]^15 × 12})

PMT = $ 978.87

Now let determine the Total difference

Total difference = ($804.62 × 12 × 30) − ($978.87 × 12 × 15)

Total difference= $113,465

Therefore difference in total dollars that will be paid to the lender under each loan is $113,465

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