This means that the tax you owe is less than what you paid for your taxes. Another circumstance is when you are entitled to tax credits. IRS stands of Internal Revenue Service. The circumstance in which you might receive a tax refund from the IRS if you have paid more in taxes than you owed for the year.
Answer:
Monthly installment = $419.54
Explanation:
<em>Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.
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The monthly installment is computed as follows:
Monthly installment= Loan amount/annuity factor
Loan amount =13,791
<em>Annuity factor = (1 - (1+r)^(-n))/r
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r -monthly rate of interest, n- number of months
r- 6%/12 = 0.5% = 0.005, n = 3 × 12 = 36
Annuity factor = ( 1- (1+0.005)^(-36))/0.005
= 32.87101624
Monthly installment = Loan amount /annuity factor
= 13,791/13,791= 419.5489394
Monthly installment = $419.54
I’m not sure but I think it’s false
