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
ValentinkaMS [17]
3 years ago
8

A commercial bank will loan you $7,500 for two years to buy a car. The loan must be repaid in 24 equal monthly payments. The ann

ual interest rate on the loan is 12% of the unpaid balance. What is the amount of the monthly payments
Business
1 answer:
Rashid [163]3 years ago
5 0

Answer:

$353.05

Explanation:

To calculate this, the loan amortization formula is employed as follwow:

P = {A × [r(1 + r)^n]} ÷ {[(1+r)^n]-1} .................................... (1)

Where,

P = Monthly required payment = ?

A = Loan amount = $7,500

r = monthly interest rate = (0.12 ÷ 12) = 0.01

n = number of payment period = 24 months

Substituting all the figures into equation (1), we have:

P = {7,500 × [0.01(1 + 0.01)^24]} ÷ {[(1 + 0.01)^24]-1} = $353.05

Therefore, the amount of monthly payments is $353.05.

You might be interested in
Crowding out occurs when.
Delicious77 [7]
When what? You didn’t console it
5 0
3 years ago
Which of the following is NOT necessarily a characteristic of successful entrepreneurs?
Aleks [24]
3
That’s because all other ones are more positive and things you would like. Hope this helps! Please mark brainlist!
3 0
3 years ago
Read 2 more answers
Waterways puts much emphasis on cash flow when it plans for capital investments. The company chose its discount rate of 8% based
algol [13]

Answer:

Explanation:

Base on the scenario been described in the question,Hey, since there are multiple sub-parts posted, we will answer first three sub-parts. If you want any specific sub-part to be answered then please submit that sub-part only or specify the question number in your message.

2

Compute the net present value to make decision for buying the new Backhoes or keeping the old:

We can fine the calculations in the file attached below

7 0
3 years ago
The market for gasoline has changed in a couple significant ways over the last few years: new technologies have decreased the co
Phantasy [73]
In economics, supply and demand refers to a relationship between the amount of a ware that producers wish to offer at different costs and the amount that consumers wish to purchase. 
Because of the way that automobiles are ending up more fuel proficient the general impact on the equilibrium cost of gasoline is that there will be a less need of gas required thus the cost will diminish or decrease. According to my thinking, it would be more beneficial to the economy due to the lesser degree a need however it would offer more gas because of the abatement in cost. Society utilizes different things that uses gas other than cars, for example, lawnmowers, tractors, bikes, and so on. So despite the fact that new advancements are diminishing the cost related with creating gas society still deliver items that utilizes fuel every day that will keep on having an impact on the equilibrium price overall.
4 0
3 years ago
Read 2 more answers
Crosby contracts with Subban whereby Crosby agrees to sweep Subban retail shop at the end of each work day. Before the first pay
Alchen [17]

Crosby signs a contract with Subban and agrees to meet at Subban's business at the conclusion of each work day, before the first payment is due, and then files a lawsuit against Subban, claiming that the license is unenforceable because the license's objective is to protect the public.

<h3>What is contract?</h3>

A contract is the legal agreement between the two parties. It contains all the essentials of section 10. On the breach of such contract, the party who break the contract will be punishable under the act.

Crosby and Subban have a contract in which Crosby agrees to sweep Subban's retail store at the end of each work day. Subban discovers Crosby is unlicensed before the first payment is due.

All retail floor sweepers in Florida are required to be certified and pay annual dues.

As a result, Subban does not compensate Crosby for his efforts. When Crosby s pursues a breach of contract complaint against Subban to court, the judge will conclude the contract is invalid since the purpose of the license is to protect the public.

Therefore, the contract is unenforceable.

Learn more about the contract, refer to:

brainly.com/question/2669219

#SPJ1

4 0
2 years ago
Other questions:
  • James Woodall put his garbage can out on the sidewalk in front of his house for pick-up by the city sanitation department. Wooda
    11·2 answers
  • Which of the following statements describes GAAP?
    5·2 answers
  • Zagat Inc. enters into an agreement on March 1, 2014, to sell Werner Metal Company aluminum ingots in 2 months. As part of the a
    12·1 answer
  • Most new workers in the labor force are men true or false?
    5·1 answer
  • Things that the minister of sports could consider for sports to be a nation builder
    14·1 answer
  • Help i need help know plzzzzzzz
    13·1 answer
  • Phone regularly prices its products at cost plus a 40 percent markup for profit. Smart prices its sales at cost plus a 20 percen
    10·1 answer
  • Why selling is never ending process in business?? ​
    12·1 answer
  • What is 5x6x4x i need help i really dont
    12·2 answers
  • Establishing a secure customer or client base is an example of how to deal with this type of risk.
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!