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2 years ago

Why are professions important?

1 answer:

3 0

Profession is important bcz it take part in each situation of your life, if you have the profession of something u mostly like will help you in every situation of your life that’s why it is more important

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Ralph is leasing a $32,000 car for 36 months. The terms of his lease include an 8. 5% interest rate (money factor of 0. 00354) a

Ainat [17]

The correct statement will be that the monthly lease payments that Ralph will have to make to lease such a car will be $362.17. So, the correct option that matches the statement is not quoted above.

The calculation of monthly lease payment can be done by deduction of residual value and dividing such value by number of months.

<h3>Calculation of monthly lease payments</h3>

The residual value can be calculated by using the formula by applying the given information,

$\rm Residual\ Value= Original\ Value\ x\ \% of Residual\ Value\\\\\rm Residual\ Value=32000\ x\ 72\%\\\\\rm Residual\ Value=\$23040$

So, depreciation of the car after three years will be $8960.

Interest payment per month will be calculated as,

$\rm Monthly\ Interest= Car\ Value\ x\ Money\ factor\\\\\rm Monthly\ Interest=32000\ x\ 0.00354\\\\\rm Monthly\ Interest=113.28$

And the payment towards actual lease would be,

$\rm Actual\ Payment= \dfrac{Depreciation}{no.\ of\ Months}\\\\\rm Actual\ Payment= \dfrac{8960}{36}\\\\\rm Actual\ Payment= \$248.89$

So, total monthly payment towards leasing such car will be,

$\rm Total\ Payment= Actual\ Payment+ Interest\ Payment\\\\\rm Total\ Payment=248.89+113.28\\\\\rm Total\ Payment=\$362.17$

Hence, the correct statement is that the monthly payment towards the lease of car by Ralph will be $362.17 and none of the options given is correct.

Learn more about <u>Monthly Lease </u>here:

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7 0

2 years ago

Should i put this in my writings

Katyanochek1 [597]

Answer:

omg that would be awesome tbh

6 0

3 years ago

Which of the following is a term for intangible things such as providing delivery

densk [106]

Answer:

Explanation:

services are something intangible that you sell

8 0

3 years ago

you have $500,000 saved for retirement. your account earns 4% interest. how much will you be able to pull out each month, if you

Hoochie [10]

With $500,000 retirement saving, the amount that can be withdrawn monthly over 20 years is $3,029.

The amount withdrawn each month can be computed using formula for the present value of an annuity.

P = PMT . [(1 - (1 + r)ⁿ] / r

Where:

P = present value

PMT = the amount of money withdrawn at each period.

r = interest rate

n = number of periods in which withdrawal or payment will be made.

The withdrawal is monthly, hence, we need to divide the annual interest rate by 12.

r = 0.04/12 = 0.0033

Number of periods in which withdrawal or payment will be made is equal to 20 years times 12 months:

n = 12 x 20 = 240

The present value is the saving, that is:

P = $500,000

Substitute those parameters into the formula and solve for PMT.

P = PMT . [(1 - (1 + r)ⁿ] / r

500,000 = PMT [(1 - (1 + 0.0033)²⁴⁶] / (0.0033)

PMT = $3,029

Therefore, for the give scheme, the amount to be pulled out monthly is $3,029.

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5 0

1 year ago

On June 30, 2012, Oriole Company issued 12% bonds with a par value of $770,000 due in 20 years. They were issued at 98 and were

Pavlova-9 [17]

Answer:

A. OLD BOND REDEMPTION :

June 30, 2021

Dr 12% Bonds payable 770,000

Dr Loss on retirement of bonds 31,570

Cr Cash 793,100

Cr Discount on bonds 8,470

NEW BOND ISSUE:

June 30, 2021

Dr Cash 1,020,000

Cr 10% Bonds payable 1,000,000

Cr Premium on bonds 20,000

B. Dec 31, 2021

Dr Interest expense 49,500

Dr Premium on bonds payable 500

Cr Cash 50,000

Explanation:

a. Preparation of the journal entries to record the redemption of the old issue and the sale of the new issue on June 30, 2021.

OLD BOND REDEMPTION :

June 30, 2021

Dr 12% Bonds payable 770,000

Dr Loss on retirement of bonds 31,570

Cr Cash 793,100

(103*770,000)

Cr Discount on bonds 8,470

(To record redemption of old bonds)

NEW BOND ISSUE:

June 30, 2021

Dr Cash 1,020,000

(1,000,000 * 102/100)

Cr 10% Bonds payable 1,000,000

(1,000,000 * 100/100)

Cr Premium on bonds 20,000

(1,000,000 * 2/100)

(To record issue of new bonds at premium)

CALCULATION for unamortized discount :

Discount at the time of issue 15,400

(2%*770,000)

Less: Discount amortised till june 30, 2021 (15,400 / 40 * 18) (6,930)

Unamortized discount 8,470

We made use of 18 because the interest was been given twice in a year which is December 31 and June 30

CALCULATION for loss on redemption :

Redemption of bonds 793,100

(103*770,000)

Less: Carrying value (761,530)

(770,000 - 8,470)

Loss on redemption 31,570

b. Preparation of the entry required on December 31, 2021, to record the payment of the first 6 months' interest and the amortization of premium on the bonds.

Dec 31, 2021

Dr Interest expense 49,500

(50,000-500)

Dr Premium on bonds payable 500

(20,000 / 40)

Cr Cash 50,000

(1,000,000 * 10% * 6/12)

(To record the interest expense for 6 months)

8 0

3 years ago

Why are professions important?​

Why are professions important?