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Trava [24]
4 years ago
12

ou are the loan department supervisor for the Pacific National Bank. The following installment loan is being paid off early, and

it is your task to calculate the rebate fraction, the finance charge rebate, and the payoff for each loan. Enter the rebate fraction in this form: numerator / denominator (e.g., 82/165). Do not round intermediate calculations. Round your answers for finance charge rebate and loan payoff to the nearest cent. Do not reduce to lowest terms. Amount Financed Number of Payments Monthly Payment Payments Made Rebate FractionFinance Charge Rebate Loan Payoff $6,50024$570.515
Business
1 answer:
satela [25.4K]4 years ago
4 0

Answer:

$56.74

Explanation:

Base on the scenario been described in the question, we can use the following method to solve the problem

Solution Correct Response Calculate the amount financed, the finance charge, and the monthly payments for the following add-on interest loan. Purchase(Cash) Price Down Payment Amount Financed Add-onInterest Number of Payments Finance Charge $78810% $8%12 $56.74

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Answer:

a. Profit(loss) = Total revenue - Total expenses

= 131,000 - 90,500

= $41,000

The company did in fact generate<u> profit of $41,000 </u>and this can be shown from the Income Statement which is where profit or loss is calculated.

b. A company uses its assets to pay off its liabilities so if the liabilities are less than the assets then the company is capable of paying off its liabilities:

Assets = Cash + Accounts Receivable + Supplies

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= $96,800

Liabilities are just the Accounts Payable of $25,700.

<em>Liabilities are less than Assets so Miami Music does indeed have sufficient resources to pay its liabilities. </em>

This information comes from the <u>Balance Sheet</u> which is where assets and liabilities are shown.

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Answer:

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Grand Co. owns one copier that was purchased for $10,000 three years ago. The depreciation expense taken on the copier each year
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Answer:

Bonds affect the U.S. economy by determining interest rates, which affect the amount of liquidity and determines how easy or difficult it is to buy things on credit or take out loans for cars, houses, or education

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Answer:

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