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]
4 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]4 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
A recent survey reports that employees devote only 25 percent of their work time to creativity. the primary barrier to creativit
Rus_ich [418]
Inadequate time.  
The more time on spends on an activity the more proficient the person because, in a situation where everything is timed with very restrictive deadlines and timelines to meet up, it is very likely that the person will just do the job so as to meet the requirements and wont add extras that is suppose to display addition out of the box creative ingenuity
3 0
3 years ago
If Bethany Lewis receives a check payable to the order of Bethanie Louis, she:______.
vazorg [7]

The available options are:

a. can indorse the check either "Bethany Lewis" or "Bethanie Louis."

b. will need to ask the drawer to send her a new check.

c. will not be able to cash the check.

d. must use a restrictive indorsement to cash the check.

Answer:

a. can indorse the check either "Bethany Lewis" or "Bethanie Louis."

Explanation:

When it comes to financial related matters, most specifically, on the issue of cheque, Indorsement is a financial related term that describes a legal signature, (often signed at the back of a cheque), which serves as a form of approval, to ensure the cheque is payable to individual aside the designated payee.

Hence, in this case, Bethany Lewis can indorse the check either "Bethany Lewis" or "Bethanie Louis."

7 0
3 years ago
Miller Farm Products is issuing a 15-year, unsecured bond. Based on this information, you know that this debt can be described a
Rzqust [24]

Based on this information Miller Farm Products' debt can be described as a debenture.

<h3>What is Debenture?</h3>
  • A bond or other sort of financial instrument that is secured by collateral is referred to as a debenture.
  • Debentures must rely on the issuer's trustworthiness and reputation for support because they lack a collateral backstop.
  • Debentures are commonly issued by both businesses and governments to raise cash or money.
  • Debentures, like the majority of bonds, may issue periodic interest payments known as coupon payments. Debentures are described in an indenture, much like other kinds of bonds.
  • A binding legal agreement between bond issuers and bondholders is known as an indenture.
  • The agreement details the terms of a debt issue, including the maturity date, the frequency of interest or coupon payments, the formula for calculating interest, and other details.
  • Debentures may be issued by both governments and corporations.

To learn more about Debenture refer to:

brainly.com/question/13036443

#SPJ4

7 0
2 years ago
Which of the following is correctly matched? Select one: a. equilibrium - balance of inputs and outputs b. steady state equilibr
Kruka [31]

Answer:

The correct answer is d. All of these are correctly matched.

Explanation:

In economics, an economic equilibrium is a state of the world in which economic forces are balanced and in the absence of external influences the values of economic variables do not change. It is the point at which the quantity demanded and the quantity offered are equal. A market equilibrium, for example, refers to the condition in which the market price is established through competition so that the amount of goods and services desired by buyers is equal to the amount of goods and services produced. by the sellers. This price is usually called the equilibrium price and tends to remain stable as long as demand and supply do not vary.

8 0
3 years ago
I need help with Question B5 (a) short essay. im completely lost please help me :(
xeze [42]
In xigift try i jkyukuo
6 0
3 years ago
Other questions:
  • Historical data shows that during the recession of 1990–1991, the natural rate of unemployment was about 5.9% while the actual u
    11·2 answers
  • Which economic industry does not originate in the gulf coastal plains region?
    5·1 answer
  • After informing his employer that he had cancer, Maury was abruptly fired. The federal legislation that prohibits discrimination
    15·1 answer
  • Bob, research manager for CornAgri Products, Inc., ap­plies utilitarian eth­ics to determine that an action is morally cor­rect
    15·1 answer
  • explain how checking accounts work. how do you balance a checkbook? what are some problems that csn come from having a differenc
    10·1 answer
  • Which of the following statements concerning internal controls is true? A. Internal administrative controls are designed to limi
    11·1 answer
  • g How would you define the role of human resources in your organization? How does it compare with the information in this week's
    14·1 answer
  • What does a broker do if the buyer of an industrial complex wants the earnest money to be placed in an interest bearing trust ac
    6·1 answer
  • Cheyenne Corp. is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first y
    13·1 answer
  • Totito Inc. issues $100,000 face amount bonds at $98,000. The journal entry to record the issuance of the bonds should include d
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!