1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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.

You might be interested in
Find the length of this regular solid. The total volume is<br><br> 104 cm3.
Snezhnost [94]

Answer: 4cm

Explanation:

The volume of a rectangular solid is calculated as the length multiplied by the width and then multiplied by the height.

In this scenario, since the volume is 104cm^3, the values will be:

= 4cm, 2cm and 13cm

From the values written, the length will be 4cm

7 0
3 years ago
What theory was used based on management practices ised by the japanese?​
disa [49]
One theory states that history and culture are of little importance and that most of the current Japanese management system has developed over the past sixty years.
7 0
4 years ago
The Beckham Company has the following information about their activity cost pools: Activity Cost Pools Total Overhead Cost Total
LenaWriter [7]

Answer:

$25 per setup

Explanation:

With regards to the above, activity rate is computed as;

= Activity cost pool resources / Activity driver

Activity cost pool resources = $125,000

Activity driver = 5,000

Activity rate for machine setup = $125,000/5,000 = $25 per setup

5 0
3 years ago
Rao Corporation has the following balance sheet. How much net operating working capital does the firm have?
ivolga24 [154]

Answer:

Net operating working capital = $ 60.

Explanation:

As we know that Net operating working capital = (cash+account receivable+Inventory) - (Account payable + Accrued expenses)

           = (10+50+40) - (20+20)

          = $ 60

8 0
3 years ago
How is an investment bank different from a commercial bank?
Fed [463]

Answer:

the answer is A. An investment bank is a non-depository institution; a commercial  bank takes customer's deposits.

Explanation:

An investment bank is catering specially to the business and institutional requirements while a commercial bank tends to support the requirements of general public and private businesses.

3 0
3 years ago
Other questions:
  • A store manager wishes to reduce the price of her fresh ground coffee by mixing two grades. if she has 50 pounds of coffee which
    10·2 answers
  • On June 30, 2018, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 2018, the company
    13·1 answer
  • All employers are required by law to provide certain benefits to their employees. An example of such a benefit would be
    11·1 answer
  • The Carolina Christmas Tree Corporation grows and sells 500 Christmas trees. The average cost of production per tree is $50. Eac
    7·1 answer
  • According to the Keynesian transmission mechanism, if the Fed conducts an open market purchase of government securities, it may
    7·1 answer
  • Mike interviewed Dan for a sales clerk position, and Mike really liked Dan. They got along great in the interview, and they are
    11·1 answer
  • Astute managers are alert for the presence of these clues: disciplinary actions being challenged, employees questioning manageri
    15·1 answer
  • asper makes a $28,000, 90-day, 8.5% cash loan to Clayborn Co. The amount of interest that Jasper will collect on the loan is: (U
    15·1 answer
  • Which of the following statements is TRUE?
    13·1 answer
  • In a properly functioning economic market, where does the economic value created by firms go? in other words, who gets it? why?
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!