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Vika [28.1K]
2 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]2 years ago
5 0

Answer: APR of the loan is 2.48%

Explanation:

ale4655 [162]2 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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Plz, help ASAP!!!!
chubhunter [2.5K]

Answer:

The incorrect statement is letter "D": Saving can only be done in person. Investing can be done both in person and online.

Explanation:

There are several differences between saving and investing. Both of them have the potential to grow capital over a specific period. While saving is beneficial in the short run, investment is in the long run.  

Though, saving money implies depositing it in an account to make a profit out of the annual interest rate offered by banks. <em>The money can be deposited in person, through wire transfers or online transfers between accounts</em>. Investing is characterized by risking money through acquiring assets such as stocks, bonds, or mutual funds. That money can be provided by the investor in a meeting with the people in charge of managing the money or through online brokers.

6 0
2 years ago
Tara and her parents want to save at least $40,000 for college in 8 years. Which statement describes the most effective savings
Minchanka [31]

Tara and her parents should make deposits of $450 every month into a college savings account.


4 0
2 years ago
Read 2 more answers
The listing and selling brokers agree to split a 7% commission fifty-fifty on a $96,900 lot sale. The listing broker is on a 30%
Sergio039 [100]

Answer:

1,187.03

Explanation:

he listing and selling broker each get 50% of the 7 5 commission.

The commission equal  7/100 x $96,900

Each broker gets   =3,391.5

The selling broker (broker working with the buyer) get 35 % of  3,391.5

=35/100 x 3,391.5

=1,187.025

=1,187.03

5 0
3 years ago
Socioeconomic market segmentation is another name for _____ segmentation.
Advocard [28]
I think the correct answer would be demographic segmentation. It is a type of market segmentation where the consumers are classified according to race, religion, family, gender and/or income. It is a way to help an organization target specific consumers.
7 0
3 years ago
4. Malik's father recently died. His dad had an insurance
Salsk061 [2.6K]

The type of insurance money that Malik has received indicates life insurance and the correct option is D.

<h3>What is life insurance?</h3>

Life insurance is an agreement wherein a policyholder will pay everyday premiums in alternate for a lump-sum demise benefit that can be paid to the policyholder's beneficiaries. The lump-sum gain is paid while the policyholder passes away or a selected amount of time has passed.

Hence, The type of insurance money that Malik has received indicates life insurance and the correct option is D.

learn more about life insurance here:

brainly.com/question/1373572

#SPJ1

7 0
2 years ago
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