1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
bazaltina [42]
3 years ago
13

​E-Loan, an online lending​ service, recently offered 48​-month auto loans at 4.5 % compounded monthly to applicants with good c

redit ratings. If you have a good credit rating and can afford monthly payments of $ 448​, how much can you borrow from​ E-Loan? What is the total interest you will pay for this​ loan?
Business
1 answer:
ser-zykov [4K]3 years ago
6 0

Answer:

Therefore I can borrow $19646.12 from E-Loan.

The interest I will pay for the loan is $1,857.88.

Explanation:

The formula of present value is

PV=PMT(\frac{1-(1+i)^{-n}}{i})

PMT = The monthly payment = $448

i= Rate of interest per period =\frac{4.5}{12}\%=0.00375

n = The number of month = 48 months

Therefore

PV=448(\frac{1-(1+0.00375)^{-48}}{0.00375})

      ≈$19646.12

Therefore I can borrow $19646.12 from E-Loan.

The interest = Paid amount - Loan amount

                    =$[(448×48)-19646.12]

                   =$1,857.88

The interest I will pay for the loan is $1,857.88.

You might be interested in
How can investors receive compounding returns? A: by selecting a savings account that has a higher interest rate B: by investing
ollegr [7]
I would choose A. But that's a recommended answer from my teacher<span />
6 0
3 years ago
The video describes an instance in which Dominic discovered that a heart surgeon had just taken a new job at a large hospital wh
Maru [420]

Answer:

Prospecting

Explanation:

Prospecting is the initial phase in the business procedure, which comprises of distinguishing potential clients, otherwise known as possibilities. The objective of prospecting is to build up a database of likely clients and  deliberately speak with them with expectations of changing over them from potential client to current client. Prospecting, done right, not just makes a pipeline of potential clients, it positions you as a confided in guide.

8 0
3 years ago
Matrix Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Ending Balance Beginning Balance
Bad White [126]

Answer:

Check the explanation

Explanation:

Cash flow from operating activities:  

Net income                                                                     $116

Adjustment to reconcile net income to cash basis:  

Depreciation expense ($359+1-347)                              $13

Gain on sale of equipment                                              (14)

Decrease in account receivable (40-39)                         $1

Decrease in inventory (44-43)                                          $1

Increase in account payable (30-26)                               $4

Decrease in accrued liabilities (18-15)                              (3)

Decrease in income tax payable (40-39)                         (1)

Net cash flow from operating activities                           $117

5 0
3 years ago
What to put on a job application for education if still in high school?
almond37 [142]
You could put that you are still in high school and working towards your high school diploma. 
8 0
3 years ago
Searcy has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2020, it is learned
raketka [301]

Answer:

d. Credit to Accounts Receivable.

Explanation:

Hutley Inc. is not going to pay the $8,000 to Searcy, therefore Searcy will make the following entry to write off the balance from Account Receivables.

Debit: Allowance for Doubtful Accounts $8,000

Credit: Accounts Receivables $8,000

To write-off Hutley Inc. receivables.

5 0
3 years ago
Other questions:
  • Direct materials used for the period cost $66,000; Direct labor cost $80,000; Applied overhead was $60,000; Beginning work in pr
    14·1 answer
  • "The gross earnings of factory workers for Dinkel Company during the month of January are $400,000. The employer's payroll taxes
    9·1 answer
  • If we are told specifically to pay attention to a particular element of a decision or event, we are likely to miss all of the su
    7·1 answer
  • Which of the following best describes the management function of organizing?
    10·1 answer
  • Standard Product Cost, Direct Materials Variance
    11·1 answer
  • Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Ver
    6·1 answer
  • Kari needs to change the brightness and contrast on an image she has inserted into a word document. Which group should she use t
    12·1 answer
  • What are a firm's key assets?
    11·2 answers
  • A producer of pottery is considering the addition of a new plant to absorb the backlog of demand that now exists. The primary lo
    14·1 answer
  • Gary's wife died last year, so he has been raising his three children on his own. When he files his taxes this year, which tax s
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!