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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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Answer:

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3 years ago
If you wish to have $60,000 in 8 years, how much do you need to deposit in the bank today if the account pays an interest rate o
liberstina [14]

Answer:

PV= $30,111.98

Explanation:

Giving the following information:

Future value= $60,000

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Interest rate= 9%

<u>To calculate the initial investment, we need to use the following formula:</u>

FV= PV*(1+i)^n

<u>Isolating PV:</u>

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3 years ago
Ashley, Nikki and Jared all selected identical new cars at the same price. Ashley, bought the car with some of his own money and
Romashka [77]
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6 0
3 years ago
Read 2 more answers
Jill Scott is an accountant with Cameron and Associates, a law firm in downtown Seattle. The firm maintains a checking account w
gladu [14]

Answer:

There are usually 3 parties to a check transaction

The Drawer, the Drawee and the Payee.

The Drawee in this instance is Southern Rock Bank

Explanation:

The Bank warehousing the funds/Money is the one a check is drawn against, hence the term 'drawee"

The Account owner or representative who writes a check giving authority to the Bank to release of the Funds in its possession is the "Drawer

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5 0
3 years ago
Venzuela Company’s net income for 2020 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issue
jarptica [38.1K]

Answer:

Answer explained below

Explanation:

GIVEN:

options issued = 1000

exercise per share = $6

market price = $20

net income = $50000

a) Diluted earnings per share

= (Total income - preference dividends) /( outstanding shares + diluted shares)

Amount paid towards shares = Options issued * Exercise price per share = 1,000 * 6 = $ 6,000

Value of options = Amount paid towards shares / Current market price = $ 6,000 /$ 20 = 300

Diluted shares = Options issued - value of options = 1000 - 300 = 700

So Diluted Earnings per share = ( 50,000) / ( 10,000 +700) = $ 4.67 per share.

b) Calculation of diluted shares 700 (same as above )

Weighted average for the period holding i.e, 3 months = 700 *3/12 = 175 shares increased during the period.

Diluted EPS = 50,000 /(10,000 +175) = $ 4.91 per share

5 0
3 years ago
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