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MatroZZZ [7]
2 years ago
14

If Anna buys a car for $18,000 with a down payment of $2,000 and is given a 3-year loan with an APR of 5 percent and monthly pay

ments of $480, what is the dollar amount of the finance charge on this loan
Business
1 answer:
Y_Kistochka [10]2 years ago
6 0

Based on the amount that Anna bought the car and the down payment, the dollar finance charge on the loan is $1,280.

<h3>What is the dollar finance charge for Anna's loan?</h3>

This can be found as:

= (Monthly payment x 3 years x 12 months per year) - (Car price - Down payment)

Solving gives:

= (480 x 3 x 12) - (18,000 - 2,000)

= 17,280 - 16,000

= $1,280

Find out more on finance charges at brainly.com/question/3436429.

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Real estate attorney is the point in the residential selling process does the real estate professional prepare a comparative market analysis.

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3 0
2 years ago
On a bank's T-account, which are part of the bank’s assets? a. both deposits made by its customers and reserves b. deposits made
avanturin [10]

Answer:

The correct answer is C

Explanation:

Bank asset is the assets which represent the ownership of the value capable of being converted into cash. So, the reserve which the banks hold or refrain from using will be classified as the asset for the bank. And the deposit made by the customer will be classified as the current liability as the bank allows the customers to use their deposits whenever they want to use.

Therefore, the reserve is a part of bank asset whereas the deposits will not be a part of bank asset.

8 0
3 years ago
A bond with 16 years to maturity and a semiannual coupon rate of 6.04 percent has a current yield of 5.67 percent. the bond's pa
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The bond's price is $2,130.51, A bond with 16 years to maturity and a semiannual coupon rate of 6.04 percent has a current yield of 5.67 percent. the bond's par value is $2,000.

Current yield = annual Payment/ Market Price

Market Price = Annual Payment Current Yield

                     = (2000*6.04%)/ 0.0567

                     = 2130.511464

                     = $2,130.51

Par fee, in finance and accounting, means said fee or face cost. From this come the expressions at par, over par and under par. What does $1 par price mean?

Key Takeaways

A par price for a stock is its in-step with-share fee assigned by the organization that issues it and is frequently set at a very low amount together with one cent. A no-par inventory is issued without any unique minimal price. Neither form has any relevance to the stock's real cost in the markets.

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2 years ago
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