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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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You borrow $2,500. you are to pay back the loan in 36 monthly payments of $79.50. what true annual interest are you paying to th
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Answer:

4.8%

Explanation:

36months*$79.50=$2862

$2862-borrowed 2,500=362

362/3 years=$120 2/3

this means that the interest is 120 2/3 /2500, which is 0.048266, or 4.82, or in your case 4.8%

4 0
3 years ago
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Most good managers enjoy mentoring employees. Most good managers are people- oriented individuals. Assuming these two statements
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Taking most as more than half, then more than half of good managers enjoy mentoring people and more than half good managers are people-oriented. So, necessarily the two sets overlap, meaning tha some good managers are both people oriented and enjoy mentoring.

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3 years ago
A decrease in the price of domestically produced industrial robots will be reflected in a. both the GDP deflator and the consume
andrezito [222]

Answer:

The correct answer is option c.

Explanation:

A consumer price index measures the change in the price level of weighted average of a basket of goods and services purchased by the consumers.  

GDP deflator measures the change in the price of all domestically produced goods and services.  

A change in the price of domestically produced industrial robots will be included in the GDP deflator as it includes the prices of all domestically produced goods and services.  

But it will not be included in the CPI as the industrial robots are not purchased by consumers in households, they are not consumer goods.

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5) On July 12, Reliable Repair Service extended an offer of $150,000 for land that had been priced for sale at $185,000. On Sept
elixir [45]

Answer:

The price should be recorded as $167,500

Explanation:

As per the accounting principles, assets should be recorded at the price they were paid for. In case of a purchase, the accountant should record in the books the amount the company paid to acquire the asset. For sales, the amount received from the buyer is the figure to be recorded in the books.

For Reliable Repair Service, there were different prices quoted, but the buyer paid $167,500. It means the company sold the land for $165,000. This is the amount that should be recorded in the books.

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The National Recovery Administration (NRA) failed largely because a Harold Ickes, the head of the agency, proved to be an incomp
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Answer:

b. it required too much self-sacrifice on the part of industry, labor, and the public.

Explanation:

Franklin Delano Roosevelt was an American politician and statesman who was elected as the 32nd President of the United States of America in 1933. He was born on the 30th of January, 1882 in Hyde Park, New York, United States of America.

The National Recovery Administration (NRA) was an agency of the federal government of the United States of America, which was established in 1933 by President Franklin Delano Roosevelt.

The main purpose of the National Recovery Administration (NRA) was to stimulate, enhance or facilitate business recovery, promote compliance and reduce unemployment significantly

However, the National Recovery Administration (NRA) failed largely because it required too much self-sacrifice on the part of industry, labor, and the public.

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