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Basile [38]
3 years ago
7

After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $11,500 price, but financing

through the dealer is no bargain. He has $1,500 cash for a down payment, so he needs an $10,000 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,000 for a period of four years at an add-on interest rate of 11 percent.
What is the total intetrest on Richard's loan?
What is the total cost of the car?
What is the monthly payment ?
What is the annual percentage rate?
Business
1 answer:
aksik [14]3 years ago
3 0

Explanation:

I = Prt

I = (10000)(.11)(4) = $4400

Total Cost = Down Payment + Principal Borrowed + Interest

Total Cost = 2000 + 8000 + 4400

= $14,400

Monthly Payment = (Principal Borrowed + Total interest) / Total number of payments

Monthly Payment = (10,000 + 4400) / 48

= $300

APR= (2 × n × I) / [P × (N + 1)]

APR = (2 × 12 × 4400) / [10,000 × (48+1)]

= 21.55%

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The Vendor Balance Summary report summarizes the company's obligations and overpayments to certain vendors. The overarching goal of this report is to identify accounting irregularities. View the Vendor Balance Detailed report for further information on the vendor's balance.

The following information is included in the report:

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"brainly.com/question/4688609"

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