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ELEN [110]
3 years ago
14

Monthly Payments and Finance Charges. Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new a

partment. A local store offered credit at an APR of 16 percent, with a maximum term of four years. The furniture she wishes to purchase costs $4,800, with no down payment required. Make the following calculations:
Business
1 answer:
Alenkinab [10]3 years ago
8 0

Jensen needs to pay 8691.07$ to clear off her debt at the end of 4 years

Explanation:

Step by step solution-

Details as given in the question-

Purchase cost of furniture- 4800$

Term of credit- 4 years

Annual percent rate charged- 16%

Condition- No down payment done at the beginning

Amount needed to be re-payed at the end of the credit term  

We know that

Amount= Principal*(1+rate/100) ^time (for compounded interest rate type)

Substituing the values of principal as purchase cost, rate and time

Amount= 4800*(116/100)⁴

Amount needed to be re-payed to ward off the credit = 8691.07$  

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What was the opportunity cost for lebron james when he determined to directly enter the nba?
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LeBron James is one of the best basketball players in the country, was selected by the Cleveland Cavaliers as the first pick in the 2003 NBA draft, signing a three-year contract worth almost $13 million, with an option for a fourth year at $5.8 million. Had he decided to attend college instead, James would have incurred an opportunity cost of at least $19 million in forgone income to earn a four-year college degree.

Opportunity cost is the value you would gain or lose if you choose a different path or solution. The opportunity cost in this scenario is deciding to play in the NBA since college was too expensive. LeBron James ultimately saved time and money by taking the detour because he received a contract worth close to $13 million; otherwise, he would have had to pay more and spend more time attending a four-year college.

LeBron's decision to join the NBA right after high school graduation has an opportunity cost because he might have attended a four-year university or college instead. He was chosen by the Cleveland Cavaliers as the first overall choice in the 2003 NBA Draft

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What are the two characteristics of public goods? is u.s. border control a public good or a private good? why? how about satelli
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2 years ago
Assuming a 12% annual interest rate, determine the present value of a five-period annual annuity of $3,500 under each of the fol
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Answer:

a. The first payment is received at the end of the first year, and interest is compounded annually.

present value = annual payment x PVIFA

annual payment = $3,500

PVIFA, 12%, 5 periods = 3.6048

present value = $12,616.80

b. The first payment is received at the beginning of the first year, and interest is compounded annually.

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c. The first payment is received at the end of the first year, and interest is compounded quarterly.

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