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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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Answer:

Gross Domestic Product or GDP in some countries.

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3 years ago
Sivret Corporation uses a job-order costing system with a single plantwide predetermined overhead rate based on machine-hours. T
Vsevolod [243]

Answer:

Results are below.

Explanation:

<u>First, we need to calculate the predetermined overhead rate:</u>

Predetermined manufacturing overhead rate= total estimated overhead costs for the period/ total amount of allocation base

Predetermined manufacturing overhead rate= (624,000/80,000) + 3.1

Predetermined manufacturing overhead rate= $10.9 per machine hour

Job M598:

Number of units in the job 60

Total machine-hours 300

Direct materials $645

Direct labor cost $9,000

Total cost= 645 + 9,000 + 300*10.9

Total cost= $12,915

Unitary cost= 12,915/60= $215.25

<u>Finally, the selling price per unit:</u>

Selling price= 215.25*1.4= $301.35

5 0
3 years ago
What is the website authorized by federal law where you can obtain your credit report for free?
uysha [10]

The website authorized by Federal Law is <em>annualcreditreport..com</em><em>.</em>

A credit report is an organized record database of borrower's credit history from different sources and its includes record from sources such as banks, credit card, governments etc.

  • There are numerous companies and sites that offers credit reports to individual but, the only authorized place by Federal law is <em>Annual Credit Report</em>.

  • However, individual's name, address, social security number, date of birth must be inputted on the website to verify identity.

In conclusion, the free website which is authorized by federal law where one can obtain one credit report is <em>annualcreditreport.</em>

Learn more about this here

<em>brainly.com/question/3836302</em>

5 0
3 years ago
marci, a purchasing agent, orders 300 refrigerators per month from an online vendor portal. in doing so, she has made a(n) decis
kotykmax [81]

marci, a purchasing agent, orders 300 refrigerators per month from an online vendor portal. in doing so, she has made Operational decision.

operational judgments

Operational decisions, which typically have effects for no more than a year or even a day, are those that are altered more frequently in accordance with the current external and internal situations. The scale, complexity, and formulation of optimization models for operational decisions vary greatly as a result of the vast number of operations that make up the BSC. Operational choices related to biomass acquisition operations include logistics for carrying harvested biomass to storage, scheduling of working shifts, designating harvesting operation regions, and assigning personnel to harvesting machines. In terms of inventory management operations, it is necessary to regularly decide how much needs to be replenished from the upstream, delivered to the downstream, used to make biofuel goods, and stored in storage facilities.

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4 0
1 year ago
Damien Carranza is a nonexempt employee of Verdant Enterprises where he is a salesperson, earning a base annual salary of $31,75
Allushta [10]

Answer:

Damien Carranza

Gross pay = $1.494.17

Explanation:

a) Data and Calculations:

Base annual salary = $31,750

Weekly base hours = 40 hours

We assume that there are 52 weeks in a calendar year.

Hourly rate = $31,750/(52 weeks * 40 hours) = $15.26442 per hour

Overtime worked = 4 hours

Overtime rate = 4 * $31,750/2,080 * 1.5 = $91.59

Weekly base pay = 40 * $31,750/2,080 = 610.58

Commission = $26,400 * 3% =                 792.00

Gross pay =                                            $1,494.17

b) Since Damien is a non-exempt employee, he is entitled to earn the federal minimum wage and qualify for overtime pay.  This is calculated as one-and-a-half times his hourly rate, for every hour worked above and beyond the standard 40-hour workweek.  The gross pay is Damien's total earnings throughout the week before deductions for mandated taxes, health insurance, retirement, and Medicare contributions are made.

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