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EastWind [94]
3 years ago
7

Rewrite the following equation in standard form y=8x+2

Business
1 answer:
damaskus [11]3 years ago
7 0
-8x+2= y that is your answer.
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Lang Warehouses borrowed $146,960 from a bank and signed a note requiring 10 annual payments of $19,032 beginning one year from
Oksanka [162]

Answer:

The interest rate is 5%

Explanation:

Loan amortization is a method of loan repayment where a series of equal periodic installments is made by the borrower to offset the entire loan obligation. Each equal repayment covers the interest due on the loan so far and a portion of the principal amount.

At the beginning of the loan contract, the borrower is usually provided with information on the number of equal repayment installments that, if consistently paid, would offset the entire loan obligation (principal plus interest)

This is determined as follows:

repayment installment= Loan amount/Annuity factor

A special table called the Present Value of Annuity table is used to determined the annuity factor. All you need to use the table is the loan repayment period (years) " N " and the agreed interest rate " r "

So we apply this to question:

19,032= 146,960/ Annuity factor

Annuity factor= 146,960/19,032= 7.7217

We can look up this same figure in the table, to ascertain the the number of years and the rate rate. The number of years is already given as 10.

So we look up for the figure 10 under the the column labeled "n" , trace it through the row vertically to locate 7.7217. The rate that gives this figure is the applicable interest rate. This rate will be located by tracing upward from the point where we found 7.7217.

The interest rate is 5%

8 0
3 years ago
"A new machine, with a 4-year life, has an initial cost of $1,200 and annual costs of $380. The equivalent annual cost of this m
Oksana_A [137]

Question

A new machine, with a 4-year life, has an initial cost of $1,200 and annual costs of $380. The equivalent annual cost of this machine is best described as the"

Assuming an interest rate of 10%

Note the interest rate was added by the tutor

Answer:

Equivalent Annual cost =  $758.56

Explanation:

The equivalent annual cost is the present value of cost of the new machine divided by the annuity factor.

PV of annuity cost = A× 1- (1+r)^(-n)/r

                          A- 380, r- 10% n- 4

PV of annual cost = 380 × (1- 1.1^(-4))/0.1=1,204.55

PV of total cost = 1,204.55 + 1,200 = 2,404.55

Equivalent annual cost = PV of cost /Annuity factor

Annuity factor =(1- 1.1^(-4))/0.1 = 3.1699

Equivalent Annual cost = 2,404.55 / 3.1699 = $758.5649

Equivalent Annual cost =  $758.56

8 0
3 years ago
Most Americans avoid the use of credit when it comes to buying big ticket items like a car or furniture for their home
Veseljchak [2.6K]
True........it is true because........
4 0
3 years ago
Cash-basis vs. accrual-basis accounting?
ki77a [65]
The cash<span> method accounts for revenue only when the money is received and for expenses only when the money is paid out. On the other hand, the </span>accrual<span> method accounts for revenue when it is earned and expenses goods and services when they are incurred. ... </span>Accrual<span> accounting is the most common method used by businesses.</span>
4 0
3 years ago
An ATM with a service fee of $3 is used by a person 200 times in a year. What would be the future value in 5 years (use a 2 perc
Eddi Din [679]

Answer:

The future value in 5 years is $3,184.87  

Explanation:

The figure is arrived by calculating the future of the yearly total service of $600($3*200) by using applicable annuity factor for each of the years from year 1 to 5.

The annuity factor for each year is calculated as (1+r)^n, where r is the rate of return of 2% and the n the year in which the service fee relates to.

Kindly find attached for detailed computations.

Download xlsx
6 0
3 years ago
Read 2 more answers
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