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Vika [28.1K]
3 years ago
15

You have just purchased a car and, to fund the purchase, you borrowed $27,500. If your monthly payments are $515.27 for the next

5 years, what is the APR of the loan?
Business
2 answers:
Naily [24]3 years ago
5 0

Answer: APR of the loan is 2.48%

Explanation:

ale4655 [162]3 years ago
4 0

Answer: The APR is 2.48%

Explanation:

The annual percentage rate is the total amount to be paid yearly to support the purchase of a car. It is given by the formula;

(Fees + Interest/Principal/n *365) * 100

In the given question,

Interest=12.4% or $3416.2

Principal=$27500

Number of days=365*5

=1825

Interest was gotten by multiplying the monthly payment which is $515.27 by 12. The result was then multiplied by 5 to give $30916.2. This is then subtracted from the principal amount.

Therefore we have;

($3416.2 / $27500 / 1825* 365)*100

=2.48%

Note that fees are not usually charged in car loans.

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This year, Gogo Inc. granted a nonqualified stock option to Mrs. Mill to buy 10,000 shares of Gogo stock for $8 per share for fi
Anton [14]

Answer:

Gogo Inc. and Mrs. Mill

The Income that Mrs. Mill must recognize in the year of exercise is:

= $23,100

Explanation:

a) Data and Calculations:

Options given to Mrs. Mill = 10,000 shares of Gogo stock

Exercise price of the options = $8 per share

Period of option exercise = 5 years

Selling price of shares at grant date = $7.87

Selling price of shares at exercise date = $10.31

Compensation expense recorded by Gogo = $26,700

Cost of options to Mrs. Mill = $80,000 (10,000 * $8)

Income that Mrs. Mill must recognize in the year of exercise = $23,100 ($10.31 - $8) * 10,000

8 0
3 years ago
jameson machinery inc. wants to release their newest equipment in the south american market before other companies in order to e
Natasha_Volkova [10]

Based on the actions of Jameson Machinery Inc, we can infer that they want to benefit from<u> First Mover Advantage. </u>

<u />

First Mover Advantage:

  • Involves being the first company or brand to enter a certain industry
  • Gives the brand a competitive advantage and customer loyalty over other competitors
  • Allows company to perfect services offered

In trying to get to South America first and having their brand established, Jameson hopes to benefit from first mover advantage which would see them have a competitive advantage over competitors that come later.

In conclusion, Jameson hopes to benefit from First-Mover Advantage.

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<em>Find out more at brainly.com/question/14663095. </em>

3 0
3 years ago
Miracle Clean's variable costs are $3.00 per bottle and Fixed Expenses are $350,000 per year. The company currently sells 150,00
DerKrebs [107]

Answer:

131,250= number of units

Explanation:

Giving the following information:

<u>We need to calculate the number of units to be sold to maintain a profit of $175,000.</u>

Unitary variable cost= $3

Fixed expenses= $350,000

Selling price= $7

Net income= total contribution margin - fixed cost

175,000= number of units*(7 - 3) - 350,000

525,000 = number of units*4

525,000 / 4= number of units

131,250= number of units

7 0
3 years ago
If a group of farmers who grow oranges helps fund a university-based research project to determine the amount of vitamin c conta
True [87]
To oranges juice that's what it's going to turn too
5 0
3 years ago
Severance pay plans grant employees weekly benefits in addition to state unemployment compensation. True
Yanka [14]

Answer:

False

Explanation:

In simple words, Severance pay can be understood as a salary and/or incentives given to an individual by a company after the job is over. In order to help an individual obtain a new job, severance arrangements can include additional rewards, such as life care and observer ship support.

Thus, the weekly benefits are not included in this and the above statement is incorrect.

4 0
3 years ago
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