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
Pavlova-9 [17]
3 years ago
14

Joseph buys a Hummer for $59,000, financing it with a five-year 7.60% APR loan paid monthly. He decides to pay an extra $50 per

month in addition to his monthly payments. Approximately how long will he take to pay off the loan under these conditions?
Business
1 answer:
Alex Ar [27]3 years ago
7 0

Answer:

57.07 months.

Joseph must decide whether the 57th payment was $1,327, or he can pay a 58th payment of just $92.

Explanation:

The easiest way to calculate a monthly payment is using a payment calculator:

  • principal = 59,000
  • n = 60
  • APR = 7.6%

Monthly payments = $1,185.04

Since Joseph will pay an extra $50 each month, his payment = $1,235.04

By paying that extra amount Joseph will reduce his payments by almost 3 months to 57.07 months

After the 57th payment, Joseph' balance = $91.43, so he can decide to pay a little on the 57th payment or just pay $92 next month.  

You might be interested in
For​ 2018, Rest-Well Bedding uses​ machine-hours as the only overhead​ cost-allocation base. The direct cost rate is​ $6.00 per
maria [59]

Answer:

Predetermined manufacturing overhead rate= $6.875 per machine-hour

Explanation:

Giving the following information:

The estimated manufacturing overhead costs are​ $275,000 and an estimated​ 40,000 machine hours.

To calculate the predetermined manufacturing overhead rate we need to use the following formula:

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= 275,000/40,000

Predetermined manufacturing overhead rate= $6.875 per machine-hour

3 0
3 years ago
"what is the difference between a credit card and a debit card? why are credit cards considerably more popular with u.s. consume
Y_Kistochka [10]
The difference between credit card and a debit card is that:
Debit cards are linked to your bank account, and money is withdrawn from the account as soon as the transaction occurs. While credit cards are not linked to your bank account, they are linked to the bank or institution that issued the card. Credit card are billed monthly.
Credit cards are considerably more popular with U.S. consumers because debit cards are linked to your bank account and if someone stole the card, all the money in your bank account will vanish. where credit cards are not linked to your bank account, it is charged monthly as much money as you want.
7 0
3 years ago
Top management of Drexel-Hall is considering closing Store 3. The three stores are close enough together that management estimat
Zarrin [17]

Answer:

Compute the increase or decrease that closing Store 3 should cause in: a. Total monthly sales for Drexel-Hall stores.

  • total monthly sales should decrease from $1,800,000 to $1,380,000 = a $420,000 reduction

b. The monthly responsibility margin of Stores 1 and 2.

  • store 1 responsibility margin increased from 10% to 12.55% (2.55% increase)
  • store 2 responsibility margin increased from 9% to 13.69% (4.69% increase)

c. The company’s monthly income from operations.

  • increased from $72,000 to $140,200 ($70,200 increase)

Explanation:

                                                Store                 Store                Total                                          

                                                   1                         2

Sales                                         $660,000          $720,000     $1,380,000

Variable costs                          $409,200          $453,600        $862,800

Contribution margin                $250,800          $266,400         $517,200

Controllable fixed costs           $120,000          $102,000        $222,000

Performance margin                $130,800           $164,600        $292,200

Committed fixed costs              $48,000            $66,000         $114,000

Store responsibility margin      $82,800             $98,600        $178,200

Common fixed costs                                                                    $38,000

Income from operations                                                             $140,200

4 0
3 years ago
Tyare Corporation had the following inventory balances at the beginning and end of May:
densk [106]

Answer:

The correct answer is option (b) $5400

Explanation:

Solution

Calculation of the cost of direct material on May 1

Now,

The starting work In process inventory = Direct materials Cost  + Direct labor  Cost + Manufacturing overhead applied on W.I.P

13,500 = Direct materials cost  + 4500 + 3600

Thus,

Direct material cost = 13500 - 4500-3600 = $5400

Note:  Direct labor cost = 300 * 15 = $ 4500

The manufacturing overhead = 300 hour *  $12 = $ 3600

So, only expenses associated to work in process will be considered, hence only direct labor and manufacturing overhead are used to work in process are considered.

8 0
3 years ago
Hello today January 1 happy new year​
pishuonlain [190]

Answer:

Happy New Year

Explanation:

4 0
2 years ago
Other questions:
  • 12. A food handler notices that the water temperature of the sanitizing solution is too low. Should the food handler use the san
    15·1 answer
  • Fox Co. has identified an investment project with the following cash flows. Year Cash Flow 1 $ 1,250 2 1,180 3 1,570 4 1,930 a.
    5·1 answer
  • National defense is a good that is nonexcludable and nonrival in consumption. Suppose that instead of national defense being pai
    15·1 answer
  • Both product development strategies and diversification strategies involve ________. A. leaving the current market selling a com
    12·1 answer
  • The company's president is disappointed with the forecast and would like to see Swann generate higher sales and a forecasted net
    8·1 answer
  • The sellers, Mr. and Mrs. Hernandez, listed their property for $112,000 and agreed to an exclusive right to sell listing agreeme
    10·1 answer
  • Suppose the spot exchange rate for the Canadian dollar is Can$1.12 and the six-month forward rate is Can$1.14.
    14·1 answer
  • Last year, Forest Products issued both 5-year and 10-year bonds at par. The bonds each have a coupon rate of 5.5 percent, paid s
    10·1 answer
  • SUB TO ME thunderoflight12 PLSSSSSSSSSSSSSSS I WILL MARK BRAINLYIST IF YOU DO FOR ALL MY THINGS
    7·1 answer
  • Which one is NOT considered an universal virtue?
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!