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Charles is going to purchase a new car that has a list price of $21,450. He is planning on trading in his good-condition 2004 Do

mash [69]

The Interest rate is the rate that is charged by the lender for the use of his money.

The percent of the total amount paid by Charles would be the on the interest of 16.70%.

<h3>What is the interest rate?</h3>

The interest rate is the amount of interest that is due per period, as a quotient of the amount deposited, or borrowed.

The amount of interest depends upon the sum of the principal, and it can vary by the amount of money lent or deposited.

Computation of the rate of interest:

Given,

List Price = $21,450,

Interest Rate on the finance plan = 12.28%,

Monthly Interest rate:

$\dfrac{12.28\%}{12} = 1.023\%$

Sales Tax Rate = 6.88%

$n = 12 \text{Months}\times3\text{Years}\\n=36 \text{Months}$

Registration and documentation fee = $1,213 ($1,089 +$124)

Then,

The amount after-tax on selling neon 2004 is:

$=\$6,591\times80\% \times ( 1 - 6.88\%) \\\\= \$4,910$

Then the total amount paid for a new car is:

$\text{Amount Paid For a New Car}= \text{List Price+ Documentation Fee + Registration Fee}\\\\\\\text{Amount Paid For a New Car}=\$ 21,450 +\$ 1,089 + \$$124\\\\\\\text{Amount Paid For a New Car}= \$22,663$

And, The total amount gets from the finance plan:

$\text{Net Amount Paid For a New Car - Amount After Tax}\\\\\\ \$ 22,663 - \$4,910 = \$17,753$

so, Present Value = $17,753

Now, apply the given values in the formula of annuity, we get the monthly payment:

$\text{A} =\text{PV}\times {1- (1+i)^n }}\\\\\text{A} = \$592$

Where A = Annuity

Then, The total repayment in Charles finance plan would be:

$\$592\times36 = \$21,312$

The total interest expenses would be:

$\text{Total repayment - Financing Amount} \\\\ \$21,312 - \$17,753 = \$3,559$

Therefore, the percentage of total interest expenses in the amount paid is :

$\dfrac{3,559}{21,312}= 16.70\%$

Hence, The rate of interest would be 16.70%.

Learn more about the interest rate, refer to:

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To minimize current and future funding risks, program management offices use __________________ to project and track obligations

Natalka [10]

To minimize current and future funding risks, program management offices use spending plans to project and track obligations and expenditures. This system is used by companies to monitor its liabilities and expenses. Companies analyze the difference between the budgeted and the actual amount in this system. Thus, they can evaluate and provide a better plan.

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The simple rate of return is also called all of the following except ________. annual rate of return unadjusted rate of return a

Oduvanchick [21]

Answer: annual rate of return

Explanation:

The simple rate of return is also called the unadjusted rate of return or the accounting rate of return.

The simple rate of return is calculated when the incremental net operating income for the year is taken and then divided by the initial investment.

It should be noted that it's not called the annual rate of return.

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HELP Question 3: To determine gross profit, A:subtract the cost of goods sold from sales.

mylen [45]

Answer:

A

Explanation:

Gross profit = total sales - total cost of sales

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A company that produces a popular brand of pasta decides against increasing product price. instead, the management decides to de

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This strategy is an attempt to retain the consumers' perception of their product. Consumers' perception is a marketing concept that has to do with the impression that a company produces about its products. Customers perception is influenced by advertisements, reviews, social media, personal experiences, etc.

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