Please help me solvethis for a business plan: Mr. Buddy is thinking of starting
ID: 3095831 • Letter: P
Question
Please help me solvethis for a business plan:Mr. Buddy is thinking of starting a small manufacturingbusiness. He plans to make cheap Tuxedos for sale to partygoers. He doesn’t know anything about sewing clothes orfabric, but he has the idea, some money to invest, and wants toconsider the clothing business. He believes that his market isabout 1,000 to 1,100 suits per year, of sizes varying from small tovery large. He wants to hire a team of seamstresses to makethe tuxedos for him. The seamstresses will cost him about $17/hour each plus benefits and payroll taxes to the tune of32%. He hires your team tohelp him make the business case for his business plan. Hewants to request a loan from a bank for 50% of the capital that heneeds to get his business started. The bank will charge him 6% per year (compounded monthly) and wantshim to start paying back after two years, and be paid up in fourmore years (a total of 6 years). Please help me solvethis for a business plan:
Mr. Buddy is thinking of starting a small manufacturingbusiness. He plans to make cheap Tuxedos for sale to partygoers. He doesn’t know anything about sewing clothes orfabric, but he has the idea, some money to invest, and wants toconsider the clothing business. He believes that his market isabout 1,000 to 1,100 suits per year, of sizes varying from small tovery large. He wants to hire a team of seamstresses to makethe tuxedos for him. The seamstresses will cost him about $17/hour each plus benefits and payroll taxes to the tune of32%. He hires your team tohelp him make the business case for his business plan. Hewants to request a loan from a bank for 50% of the capital that heneeds to get his business started. The bank will charge him 6% per year (compounded monthly) and wantshim to start paying back after two years, and be paid up in fourmore years (a total of 6 years).
Explanation / Answer
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