1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
lys-0071 [83]
2 years ago
14

David is buying a new car for $21,349.00. He plans to make a down payment of $3,000.00. If he's to

Business
1 answer:
marshall27 [118]2 years ago
8 0

Answer: (D) 5.90%

Explanation: David is going to buy a new car at $21,349.

The down payment is $3,000.

Loan amount (Present value) = $21,349 - $3,000

Loan amount (Present Value) = $18,349

Installment amount (pmt) = $352

As the payment is made monthly (12 months in a year),

Number of payments = 5 * 12

Number of payments = 60

Using the rate option in excel,

=rate(nper,pmt,-pv,fv,type)

Insert the variables into the option, we get

=rate(60,352,-18349)

By inserting the above formula in excel we get,

Rate = 0.47%

Rate of 0.47% is monthly, to get APR

APR = (1+monthly rate)^12 - 1

APR = (1+0.0047)^12 - 1

APR = (1.0047)^12 -1

APR = 1.0586 - 1

APR = 0.0586

APR = 5.86% or 5.90%

Therefore the correct option is 5.90%.



You might be interested in
Jennifer is marketing manager for a major consumer goods firm. She is interested in determining if market opportunity exists for
Andrei [34K]

Answer:

- How to best segment the ready-made dinner market.

4 0
3 years ago
Because there isn't one single measure of inflation, the government and researchers use a variety of methods to get the most bal
evablogger [386]

Answer:

,,,,,,,,,,,,,,,,,,,,,

6 0
2 years ago
Fillia, inc. worked on three jobs this period: job 14c, which cost $15,000; job 23a, which cost $28,000, and job 45b, which cost
mafiozo [28]
The cost of goods manufactured during the period would be the $15000 + $28000 + $23000 is $66000. In other words, the costs are the total amount of costs added up for all three of the projects since goods were presumably produced by all three projects.
7 0
3 years ago
Howat Corporation earned $360,000 during a period when it had an average of 100,000 shares of common stock outstanding. The comm
kari74 [83]

Answer: Yes they are.

Explanation:

A warrant will be dilutive if it causes the share price of a company to reduce in value when it is exercised and converted into common stock.

The warrant in this scenario will dilute the share value because it is to be exercised at a price that is lower than the current market price of the stock so when it is added to the outstanding shares, it will reduce the market value and dilute the shares.

8 0
2 years ago
Fathom Company acquired a $50,000 machine on January 1, 2018. The machine is estimated to have a useful life of 5 years, and a r
MA_775_DIABLO [31]

Answer:

$12,000

Explanation:

The double-declining method records a higher depreciable amount in the first years of asset life. It uses double the rate used in the straight-line method.

Using the double-declining method, the depreciation rate for Fathom will be  40 % ({1/5 x100 } )

first-year depreciation- 2018

=40/100 x $50,000

=0.4 x 50,000

=$20,000

Book value= $50,000- $20,000= $30,000

Second-year depreciation- 2019

= 40 % x 30,000

=0.4 x $30,000

=$12,000

By using the double-declining-balance depreciation amount for year two = $12,000

8 0
2 years ago
Other questions:
  • Forward Inc. is an investment bank that operates in a particular geographic territory in Valentia. The company allocates specifi
    5·1 answer
  • Martha Beyerlein Company incurred $150,000 of research and development costs in its laboratory to develop a patent granted on Ja
    11·1 answer
  • Help please!!!
    10·1 answer
  • Joanie takes a $6000 loan to pay for her car. The annual interest rate on the loan is $12%. She makes no payments for 4 years, b
    8·1 answer
  • For each of the following transactions, determine if Raymond Corporation has earned revenue during the month of May and, if so,
    9·1 answer
  • Janice owns a firm that provides accounting services to a number of small businesses in the area. Her firm processes payroll, pr
    8·1 answer
  • An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts of Hailey Corp.
    15·1 answer
  • What step in the investigative process would the development of timelines and interpretation of burn patterns be related to?
    15·1 answer
  • The difference between human resources and physical resources​
    13·1 answer
  • A random sample of records of sales of homes from February 15 to April 30, 1993, from the files maintained by the Albuquerque Bo
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!