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djyliett [7]
3 years ago
8

David Nason purchased a recreational vehicle for $25,000. David went to City Bank to finance the purchase. The bank required tha

t David make a 10% down payment and monthly payments of $571.50 for 4 years. Find (a) the amount financed, (b) the finance charge, and (c) the deferred payment that David paid.
Business
1 answer:
Degger [83]3 years ago
5 0

Answer:

a) $22,500

b) $  4,932

c) david deferred the 22,500 dollars of the car in four years

Explanation:

a) ammount financed: principal less down payment

25,000 less 10% down payment:

25,000 - 2,500 = 22,500 amount financed

b) finance charge would be the interest paid by David

which is the difference between the amount financed and the total payment made by david

571.50 monthly payment x 12 month per year x 4 years = 27,432

27,432 - 22,500 = 4,932

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Which two actions will help you get the most benefit from an informational interview? The answer is B and E.

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Answer:

the company should choose method 1

Explanation:

                                                  Method 1                Method 2

Initial outlay                              $550,000               $830,000

operating costs (years 1,2,3)    $160,000                $120,000

salvage value                            $125,000               $324,000

we must determine which alternative has the lowest present value:

method 1 = $550,000 + $160,000/1.1 + $160,000/1.1² + $160,000/1.1³ - $125,000/1.1³ = $550,000 + $145,455 + $132,231 + $120,210 - $93,914 =  <u>$853,982</u>

method 2 = $830,000 + $120,000/1.1 + $120,000/1.1² + $120,000/1.1³ - $324,000/1.1³ = $830,000 + $109,091 + $99,174 + $90,158 - $243,426 = $884,996

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3 years ago
Which of the following statements regarding quality-control inspections is true? a.Inspection requires product tear down. b.Insp
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Zack, Gavin and Breana were college friends who decided to go into business together as a party equipment rental service. The th
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3 years ago
On January 1, a company borrowed cash by issuing a $300,000, 5%, installment note to be paid in three equal payments at the end
Stella [2.4K]

Answer & Explanation:

1- What would be the amount of each installment?

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1st instalment = $300,000*5% + $100,000 = $115,000

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2- Prepare an amortization table for the instalment note.

Please see excel in attachment  

3- Prepare the journal entry for the second installment payment.

Debit loan payables account: $100,000

Debit Interest expenses: $10,000

Credit cash: $110,000

Download xlsx
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3 years ago
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