- Monthly payment = $753.45
- Interest in first month = $85
First remove the amount paid as down payment:
= 20,000 - 3,000
= $17,000
The amount to be paid monthly is a constant amount which would make it an Annuity.
The $17,000 is the present value of this Annuity so the formula for present value of annuity can be used to find the annuity.
The payment is monthly so the rate and number of periods needs to be converted:
Rate = 6%/12 = 0.5%
Period = 2 x 12 = 24 months
Annuity is:
<em>Present value of Annuity = Annuity x ( 1 - (1 + rate) ^- number of periods) / rate </em>
17,000 = A x ( 1 - ( 1 + 0.5%)⁻²⁴) / 0.5%
17,000 = A x 22.5628662
A = 17,000 / 22.5628662
A = $753.45
The interest in the first month is:
<em>= Interest rate x Amount borrowed </em>
= 0.5% x 17,000
= $85
In conclusion, the monthly payments will be $753.45 and the interest in the first month will be $85.
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<em>Find out more at brainly.com/question/20691724.</em>
In one unit of time, that country cannot produce more of any product than the competing country.
Let Country 1 (C1) produce either 1 of product X or 1 of product Y in 1 day.
Let Country 2 (C2) produce either 2 or product X or 2 of product Y in 1 day.
C1 has the absolute disadvantage in both products because it cannot produce more than C2 in either product at the end of the day.
Answer:
The answer is "credibility".
Explanation:
In this scenario, free advertising offers a reputation benefit. When this journal advertises openly, it's also considered reliable by the targeted customers like, it is in news form while charging something. Therefore, Kent finds that improper transmission of time information to be a drawback since it recognizes that its product and company would still be credible.
The amount of the surplus that is worthless to buyers and sellers but becomes tax income may be transferred to someone else through public policies, but it is not lost.
More about public policies:
The majority of the time, a government's established policies, laws, and behaviours make up its public policy. Concern over the new structure of government calls attention to how frequently state agencies now carry out these functions rather than the state itself.
By endorsing politicians and political parties, several individuals and organisations attempt to have an impact on public policy through the political process.
Learn more about public policy here:
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the answer is is economic models because its a thesis or a more simple representation that would help explain and predict economic behavior in the real world.
