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You want to buy a new sports coupe for $74,400, and the finance office at the dealership has quoted you a loan with an apr of 6.

NeX [460]

Monthly payment = $1774.71
Effective annual rate = 7.02%
The equation for a loan payment is
P = r(PV)/(1-(1+r)^(-n))
where
P = Payment per period
PV = Present value
r = interest rate per period
n = number of periods
Since the 6.8% interest rate is APR, we need to divide by 12 to get the interest per month. So in the above equation r = 0.068/12 = 0.005666667, the number of periods is 48 and the Present Value is 74400. Let's plug in the numbers and calculate.
P = r(PV)/(1-(1+r)^(-n))
P = 0.00566666666666667(74400)/(1-(1+0.00566666666666667)^(-48))
P = 421.6/(1-(1.00566666666666667)^(-48))
P = 421.6/(1-0.762439412691304)
P = 421.6/0.237560587308696
P = 1774.70516
So the month payment rounded to 2 decimal places is $1774.71
The effective interest rate is
ER = (1 + r/12)^12 - 1
Let's plug in the numbers and calculate.
ER = (1 + 0.068/12)^12 - 1
ER = (1 + 0.00566666666666667)^12 - 1
ER = (1.00566666666666667)^12 - 1
ER = 1.07015988024972 - 1
ER = 0.07015988024972 = 7.015988024972%
So after rounding, the effective interest rate is 7.02%

8 0

3 years ago

Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6

Iteru [2.4K]

Answer: Multi Step Income Statement

As for the information provided,

Sales = $225,000

Less: Sales Discounts = ($15,200)

Less: sales Returns And Allowances = ($3,900)

Net Sales = $205,900

Cost of goods sold = ($88,800)

Gross Profits = $117,100

Expenses:

Selling expenses:

Rent Expense = $10,500

Sales staff wages = $22,400

Sales commission = $13,600

TV advertising expense = $3,000

Total Selling expense = ($49,500)

General And Administrative Expense

Office Supplies = $790

Insurance = $1,240

Depreciation expense Office copier = $420

Office salaries expense = $32,100

Total General Administrative Expense = ($34,550)

Total Expenses = ($84,050)

Operating Income = $33,050

Other Revenues Gains & Losses

Interest revenue = $660

Gain on sale of equipment = $6,250

Total Other Revenues = $6,910

Net Income = $39,960

6 0

4 years ago

An equipment having a first cost of 450000 pesos has a life expectancy of 10 years with final salvage value of P80000. Using the

ANTONII [103]

Answer:

Book value at end of Year 6 = 153,180.37 pesos

Explanation:

Provided cost of asset = 450,000 pesos

Salvage value = 80,000 pesos

Straight line depreciation with life of 10 years $\frac{450,000-80,000}{10} = 37,000$

Depreciation rate = $\frac{37,000}{450,000} \times 100 = 8.22%$

Rate of depreciation under double declining method = 8.22 $\times$ 2 = 16.44%

Thus,

Value at end of

Year 1 = 450,000 - 16.44% = $376,020

Year 2 = 376,020 - 16.44% = $314,202.312

Year 3 = 314,202.312 - 16.44% = 262,547.452

Year 4 = 262,547.452 - 16.44% = 219,384.65

Year 5 = 219,384.65 - 16.44% = 183,317.814

Year 6 = 183,317.814 - 16.44% = 153,180.37

Thus, book value at end of Year 6 = 153,180.37 pesos

7 0

3 years ago

Plz help ASAP!!!!!!

astra-53 [7]

Answer:

The correct answer is letter "C": Pay $250 per month until it’s paid off.

Explanation:

While paying a debt on a credit card, it is recommended for the cardholder to <em>select the shortest length for payoff</em> possible because choosing the largest implies adding more interest and fees to the debt.

In the example, if the principal -the quantity of debt without interest- is $1,000 and the cardholder decides to make $250 payments, it implies the debt will be paid off in 4 months ($1,000/$250 = 4). Then, that is the choice to select if the intention is paying less.

7 0

3 years ago

Paola and Isidora are married; file a joint tax return; report modified AGI of $148,000; and have one dependent child, Dante. Th

Alinara [238K]

Answer:

$2,500

Explanation:

The computation of the amount is shown below;

In the case when the modified AGI upto $180,000 so it would be credit by $2,500 per eligible student

As we can see that in the given situation there is modified AGI that reported $148,000 so here the amount of the American Opportunity credit for 2020 is $2,500 also we assume that the eligibility condition would be satisfied

3 0

3 years ago

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