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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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A remotely located air sampling station can be powered by solar cells or by running an above ground electric line to the site an
Olin [163]

Answer:

a) should install the solar cells

alternative 1, solar cells

initial investment $18,000

annual expenses $2,400 (5 years)

NPV =  $27,097.89

AW = (10% x $27,097.89) / [1 - (1 + 10%)⁻⁵] = $7,148.36

alternative 2, power line

initial investment $27,500

annual expenses $1,000 (5 years)

NPV =  $31,290.79

AW = (10% x $31,290.79) / [1 - (1 + 10%)⁻⁵] = $8,254.43

b) $23,307.10

3 0
2 years ago
A car's price is currently $20,000 and is expected to rise by 4% a year. if the interest rate is 6%, how much do you need to put
kati45 [8]

Answer:

  • <u><em>$19,591.63</em></u>

Explanation:

<u />

<u>1. Calculate the price of the car in a year from now.</u>

This is add the 4% on the current price:

  • $20,000 × 1.04 = $20,800

<u />

<u>2. Calculate the amount of money that must be put aside to have $20,800 in a year:</u>

<u />

Use the formula of monthly compound interest, with 6% annual interest

  • r = 6% / 12 = 0.06/12 = 0.05
  • P(1 + 0.005)¹² = $20,800
  • P = $20,800 / (1 + 0.005)¹² = $19,591.63
5 0
3 years ago
Charleston Clothing purchased​ land, paying $ 110,000 cash and signing a $ 280,000 note payable. In​ addition, Charleston paid d
Reil [10]

Answer:

Dr Land 397,950

    Cr Cash 117,950

    Cr Notes payable 280,000

Explanation:

Certain ordinary and necessary costs can be included in the purchase cost of land:

  • cost of the land
  • title fees
  • applicable taxes
  • legal fees
  • broker fees
  • survey costs
  • leveling costs
  • zoning fees
  • etc.

In this case, the total purchase cost of the land = $110,000 + $280,000 + $1,400 + $650 + $5,900 = $397,950

3 0
3 years ago
Bardell, Inc. prepared its statement of cash flows for the year. The following information is taken from that statement: Net cas
sladkih [1.3K]

Answer:

The Net Cash <em>used</em> in Financing activities is $30,800

Explanation:

<em>Step 1 Determine the Movement in Cash during the period.</em>

Movement = Ending Cash Balance - Beginning Cash  Balance \

                  = 18,200 - 11,600

                  = 6,600 (inflow)

<em>Step 2 Determine the Cash flow in Financing Activities </em>

<u>Cash flow statement for the year</u>

Cash flow from Operating Activities                                              $29,000

Net Cash flow from Investing Activities                                          $ 8,400

Net Cash flow from Financing Activities (Balancing figure)        ($30,800)

Movement in Cash during the year                                                 $6,600

Therefore, The Net Cash used in Financing activities is $30,800

7 0
2 years ago
________ can be classified according to whether they are delivered by people or equipment, or by business firms or nonprofit org
Amiraneli [1.4K]

Services can be classified according to whether they are delivered by people or equipment, or by business firms or nonprofit organizations.

<h3>What are services?</h3>

Services serves as the task or activities that is been delivered to the client in exchange if rewards.

Services can be different based on the organization performing it such banking sector , and classified according to whether they are delivered by people or equipment, or by business firms.

Learn more about services at:

brainly.com/question/25605883

3 0
2 years ago
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