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GarryVolchara [31]
3 years ago
9

You want to buy a car, and a local bank will lend you $20,000. The loan will be fully amortized over 5 years (60 months), and no

minal annual interest rate will be 6%. What will be the monthly loan payment?
Business
1 answer:
koban [17]3 years ago
3 0

Answer:

Monthly installment= $168.77

Explanation:

<em>Loan amortization is a loan repayment arrangement where a loan is repaid using a series of equal installments over the years of the loan. Each installment covers the interest due and a portion of the principal balance </em>

The monthly installment = Loan amount/monthly annuity factor

<em>Annuity factor = (1 - (1+r)^(-n))/r) </em>

r - monthly interest rate, n- number of months

Monthly interest rate = 6%/12= 0.5%

Number of months = 15× 12 = 180

Annuity factor = ( 1-(1.005)^(-180))/0.005

= 118.50

Monthly installment = 20,000/168.771

= $168.77

Answer:

Monthly installment= $168.77

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Oriole Company purchased equipment for $41600. Sales tax on the purchase was $2496. Other costs incurred were freight charges of
Aleksandr [31]

Answer:

The cost of the equipment is <u>$45,416</u>.

Explanation:

The cost of a newly purchased equipment is the addition of all relevant costs uncured in order to make the equipment ready for use.

The cost of the equipment includes costs such as purchase price, tax paid on the purchase, installation costs, etc.

However, any cost incurred to repair any damage to an equipment during installation is not part of equipment cost. Such repair costs are just ordinary expenses that are charged to the income statement during the period.

Based on the explanation above, the cost of the equipment by Oriole Company can be calculated as follows:

Equipment cost = Purchase price + Sales tax + Freight charges + Installation costs ..................... (1)

Since,

Purchase price = $41,600

Sales tax on the purchase = $2.496.

Freight charges = $624

Installation costs = $696.

Substituting the values into equation (1), we have:

Equipment cost = $41,600 + $2,496 + $624 + $696 = $45,416

Therefore, the cost of the equipment is <u>$45,416</u>.

5 0
3 years ago
The journal entry to record employer payroll taxes owed affects ______.
weeeeeb [17]

Answer:

a) liabilities only

Explanation:

The journal entry to record the payroll tax expense is shown below:

Payroll tax expense A/c Dr

     To Social security tax payable A/c

     To Medicate tax payable A/c

     To State Unemployment tax payable A/c

     To Federal Unemployment tax payable A/c

(Being the payroll tax expense is recorded)

The payroll tax expense is shown on the debit side of the income statement whereas payroll tax payable is shown on the liabilities side of the balance sheet

5 0
3 years ago
An appraiser completes an appraisal for a homeowner in preparation for obtaining a loan. The appraiser provides a letter report
Oxana [17]

The situation here is that the appraiser is:

  • Taking a percentage for his services from the appraisal

Based on the given question, we can see than when an appraisal is made, the appraisal which is actually a written report that makes an estimate of the present value of a piece of property.

With this in mind, we can see that the appraiser preferred to take his payment from the percentage value of the <em>value of the property </em>which he appraised. This method is sure to give the appraiser more money than he would have made, especially if the value of the property was quite high.

Read more about appraisal reports here:

brainly.com/question/25088996

3 0
2 years ago
Bonita Corporation had net sales of $2,409,200 and interest revenue of $38,100 during 2020. Expenses for 2020 were cost of goods
____ [38]

Answer:

net income: $ 451,010

EPS:             $           6.32 per share

Explanation:

net sales                   2,409,200

cost of good sold     (1,464,600)

gross profit:                  944,600

operating expenses:

selling expenses         (284,000)

operating income         660,600

non operating:

interest revenue              38,100

interest expense           (54,400)

non operating expense (16,300)

earning before taxes:     644,300

tax expense:  30%          193,260

net income                      451,010

shares outstanding          71,390

Earning per share: 451,010/71,390 = 6,31755

4 0
3 years ago
Levine Inc., which produces a single product, has prepared the following standard cost sheet for one unit of the product.
Y_Kistochka [10]
Hi! I don’t know what any of this means but I hope you have an amazing day and I hope god/allah/etc. blesses you :)
sorry I couldn’t answer
4 0
3 years ago
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