3x + y = 2<br>4x + y=20

John is planning to take out a personal loan for $4,500 to buy a car. He would like to keep his monthly payments at or below $15

klemol [59]

The greatest interest rate that John can accept and meet the criteria is 12.25% compounded monthly

The monthly payment formula for a loan:

$p= (\frac{pv \times r}{1-(1+r} )^{nt}$

Where PV is the principal value of the loan,

r is the rate per month,

n is the number of months,

Here, PV = $ 4,500, n = 36,

Let r be the annual rate of interest,

P ≤ 150

$p= (\frac{4500 \times \frac{r}{12} }{1-(1+\frac{r}{12}} )^{36}\leq 150$

$375\times r \leq 150-150\times (1+\frac{r}{12})^{36}$

$r\leq 0.1225$

Thus, the greatest annual interest rate = 0.1225 = 12.25 %

Therefore, Option C is correct.

To know more about the monthly payments and interest rate, refer to the link below:

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3 0

2 years ago

Read 2 more answers

The system that provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure

julia-pushkina [17]

Answer:

North American Industry Classification System (NAICS)

Explanation:

North American Industry Classification System (NAICS): It is a system or standard code been used in classifying business by the type of economic activity. These data been used by government and business of United sates, Mexico and Canada. This system make the measurement of industrial, reseller, and government markets easier. NAICS provides common industry definitions for Canada, Mexico, and the United States, which makes it easier to measure economic activity in the three member countries of the North American Free Trade Agreement (NAFTA). NAIC has replaced standard industrial classification (SIC) system, which was in place for 50 years.

6 0

3 years ago

City Taxi Service purchased a new auto to use as a taxi on January 1, 2018, for $36,000. In addition, City paid sales tax and ti

laiz [17]

Answer:

Depreciation expense for 2018 and 2019 is $6,640 for each year

The amount of gain or loss that would be recognized on the asset disposal is -$2,920 (a loss)

Explanation:

Depreciation is the systematic recognition of the cost of an asset in the p/l overtime as a result of use. When accumulated, it is known as accumulated depreciation which is deducted from the cost of the asset to get the net book value or carrying amount of the asset. The cost of the asset includes all necessary cost incurred to make the asset available for use.

The cost less the salvage value divided by the estimated useful life gives the annual depreciation.

Total cost = $36,000 + $1,200

= $37,200

Annual depreciation

= ($37,200 - $4,000)/5

=$6,640

Net book value on 1 January 2020

= $37,200 - 2($6,640)

= $23,920

Gain/(loss) on disposal

=$21,000 - $23,920

= -$2,920

7 0

4 years ago

Ramon, a single taxpayer with no dependents, has adjusted gross income for 2021 of $98,000 and his itemized deductions total $9,

Nutka1998 [239]

The taxable income will Ramon show in 2021 is $89,000

What is taxable income?

The taxable income of a taxpayer means the income upon which tax would be charged in the tax year, it is determined as the adjusted gross income minus the itemized deductions of the taxpayer.

The itemized deductions means those amounts due to legal pronouncements, which have been exempted from taxes, which means , they need to be deducted from the taxpayer gross earnings before tax computation.

It is the tax authority way of providing succor to taxpayers by granting certain exemptions.

Taxable income=adjusted gross income- itemized deductions

Taxable income=$98,000-$9000

taxable income=$89,000

Find out more about taxable income on:brainly.com/question/11734493

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4 0

2 years ago

Gregson production is keenly aware of the need to daily strive to produce goods and services more effectively than its competito

katrin [286]

I think there should be an options to choose. Anyway I think, I've got what you mean. I think that the answer is: to achieve this standard, gregson's management strives to <span>maintain quality and efficiency</span>.

8 0

3 years ago

3x + y = 24x + y=20​

3x + y = 24x + y=20