HELP PLEASEE!! CORRECT ANSWER GETS BRAINLIEST A cash outflow from a financing activity would be

Charles is going to purchase a new car that has a list price of $21,450. He is planning on trading in his good-condition 2004 Do

mash [69]

The Interest rate is the rate that is charged by the lender for the use of his money.

The percent of the total amount paid by Charles would be the on the interest of 16.70%.

<h3>What is the interest rate?</h3>

The interest rate is the amount of interest that is due per period, as a quotient of the amount deposited, or borrowed.

The amount of interest depends upon the sum of the principal, and it can vary by the amount of money lent or deposited.

<u>Computation </u><u>of the </u><u>rate </u><u>of </u><u>interest</u><u>:</u>

Given,

List Price = $21,450,

Interest Rate on the finance plan = 12.28%,

Monthly Interest rate:

$\dfrac{12.28\%}{12} = 1.023\%$

Sales Tax Rate = 6.88%

$n = 12 \text{Months}\times3\text{Years}\\n=36 \text{Months}$

Registration and documentation fee = $1,213 ($1,089 +$124)

Then,

The amount after-tax on selling neon 2004 is:

$=\$6,591\times80\% \times ( 1 - 6.88\%) \\\\= \$4,910$

Then the total amount paid for a new car is:

$\text{Amount Paid For a New Car}= \text{List Price+ Documentation Fee + Registration Fee}\\\\\\\text{Amount Paid For a New Car}=\$ 21,450 +\$ 1,089 + \$$124\\\\\\\text{Amount Paid For a New Car}= \$22,663$

And, The total amount gets from the finance plan:

$\text{Net Amount Paid For a New Car - Amount After Tax}\\\\\\ \$ 22,663 - \$4,910 = \$17,753$

so, Present Value = $17,753

Now, apply the given values in the formula of annuity, we get the monthly payment:

$\text{A} =\text{PV}\times {1- (1+i)^n }}\\\\\text{A} = \$592$

Where A = Annuity

Then, The total repayment in Charles finance plan would be:

$\$592\times36 = \$21,312$

The total interest expenses would be:

$\text{Total repayment - Financing Amount} \\\\ \$21,312 - \$17,753 = \$3,559$

Therefore, the percentage of total interest expenses in the amount paid is :

$\dfrac{3,559}{21,312}= 16.70\%$

Hence, The rate of interest would be 16.70%.

Learn more about the interest rate, refer to:

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2 years ago

M10-10 Computing and Reporting a Bond Liability at an Issuance Price of 102 [LO 10-3] E-Tech Initiatives Limited plans to issue

Mamont248 [21]

Answer:

Explanation:

Balance sheet presentation :

Long term liabilties

Bonds payable 500000

Add: Premium on bonds payable 10000

Carrying value of bonds 510000

8 0

2 years ago

In order to assure better management acceptance, the flow of input data for budgeting should begin with the

laiz [17]

The flow of input data for budgeting<span> should begin with the lower levels of management in order to </span>assure<span> better management acceptance. Lower level management is otherwise known as supervisory or operative level of management. This level consists of supervisors, superintendents, or </span>foremen.

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3 years ago

A traveler who wants to explore and preserve the natural environment is a cultural tourist. True or false

Nataliya [291]

False, a cultural tourist wants to preserve the cultural/traditions of the local people.

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2 years ago

Read 2 more answers

if you are interested in a career in the hospitality industry, it is important that you enjoy the following:

Nezavi [6.7K]

if you are interested in a career in the hospitality industry, it is important that you enjoy the following:

working with people
an upbeat work environment
traveling
opportunity for growth and career advancement.

<h3>What are pros and cons of working in hospitality industry?</h3>

Pros -

Opportunities for Many Benefits, Not a 9-to-5 Job, Diverse Jobs that Travel
It is dynamic, ever-evolving, and collaborative.

Cons -

a worldwide industry-wide five-day workweek. Employee happiness leads directly to better service, which will surely have long-term benefits.
Weekend work is compensated in addition to the regular weekend off.
using technology more effectively to forecast the requirement for personnel during peak season
Depending on its practicality, automation at the front desk and in restaurants during peak hours

To learn more about hospitality from given link

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#SPJ4

7 0

1 year ago