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
Amanda [17]
3 years ago
14

You are looking to buy a car. You can afford $440 in monthly payments for four years. In addition to the loan, you can make a $1

,100 down payment. If interest rates are 7.25 percent APR, what price of car can you afford (loan plus down payment)? (Do not round intermediate calculations and round your final answer to 2 decimal places.).
Business
1 answer:
bagirrra123 [75]3 years ago
5 0

Answer:

You can afford a car worth $29,399.05

Explanation:

Step 1

Determine the present value of the car using the expression below;

Present value=total monthly payments+down payment

where;

total monthly payments=monthly payments+number of months

monthly payments=$440

number of months in 4 years=4×12=48 months

replacing;

total monthly payments=(440×48)=$21,120

total monthly payments in 4 years=$21,120

down payment=$1,100

replacing;

Present value=(1,100+21,120)=$22,220

Step 2

Determine the future value by the expression below;

F.V=P.V(1+r)^n

where;

F.V=future value

P.V=present value=$22,220

r=annual interest rate=7.25%=7.25/100=0.0725

n=4 years

replacing;

F.V=22,220(1+0.0725)^4

F.V=22,220(1.0725)^4

F.V=$29,399.05

You can afford a car worth $29,399.05

You might be interested in
Taggart Transcontinental currently has a bank loan outstanding that requires it to make three annual payments at the end of the
prohojiy [21]

Answer:

Future value is approximately $3,183,600 which is equal to $3,184,000.

Explanation:

Please see attachment

Download pdf
6 0
4 years ago
Which of the following phrases is an example of structural que ?
Inessa05 [86]

Answer:

excuse me but where is the phrase?

7 0
2 years ago
Art B.Traytor, a member of the American Arbitration Association and long-standing faculty member of the business school of a lar
valentina_108 [34]
The answer would be
6 0
3 years ago
Cynthia, requested a two-week leave from her employer to go on a religious pilgrimage. The pilgrimage was not a requirement of h
Volgvan

Answer: No. It does not violate Title VII if Cynthia's employer does not grant her the leave.

Explanation:

From the question, we are informed that Cynthia, requested a two-week leave from her employer to go on a religious pilgrimage and that the pilgrimage was not a requirement of her religion, but Cynthia felt it was a calling from God.

Based on the scenario, Title VII is not violated if Cynthia's employer does not grant her the leave. According to the court, when an employee says that based on his or her religious belief, he or she is required to go to a pilgrimage, the person has to prove beyond reasonable doubt.

In this case, her church which is the Roman Catholic didn't call for a pilgrimage as it was her personal choice. Therefore, Title VII is not violated if Cynthia's employer does not grant her the leave.

3 0
3 years ago
A firm reports the following data:________.
ANEK [815]

Answer and Explanation:

The computation is shown below:

a. For Account receivable days is

= Total number of days in a year × account receivable balance ÷ Sales

= 365 days × $50,000 ÷ $445,000

= 41.01 days

b. For inventory days

= Total number of days in a year × inventory balance ÷ Cost of Goods sold

= 365 days × $50,000 ÷ $280,000

= 65.18 days

c. For Account payable days

= Total number of days in a year × account payable balance ÷ Cost of Goods sold

= 365 days × $42,000 ÷ $280,000

= 54.75 days

d. For a cash to cash days

= Account receivable days + inventory days - account payable days

= 41.01 + 65.18 + 54.75

= 51.44 days  

5 0
3 years ago
Other questions:
  • A court will not require a person to perform an agreed-upon act if it is illegal.
    15·2 answers
  • a client undergoes personalility changes and has difficulty with voluntary activities. the client is diagnosed with a brain tumo
    15·1 answer
  • Explain why the order of operations is necessary for simplifying numerical expressions
    10·1 answer
  • How should Kraft Canada make the brand messaging of Kraft singles compelling to Canadian Millennial moms?
    12·1 answer
  • Depending on the style of the wedding gown dash– and the size of the bride dash– a wedding dress​ custom-designed and sewn in​ j
    7·1 answer
  • BMW Group, one of Europe's largest manufacturers, reports the following income statement accounts for the year ended December 31
    5·1 answer
  • "During this period, employees had more input into management decisions and how they performed their jobs. The use of groups and
    7·1 answer
  • Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts expense. Domino began Year 2 with
    11·1 answer
  • What does the preamble to the Constitution envision?
    12·2 answers
  • In a _____________________ contract, a family worked a small part of a large farm in exchange for part of the crop.
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!