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Tanzania [10]
2 years ago
13

You currently owe $20,000 on a car loan at 8.25 percent interest. If you make monthly payments of $596.59 per month, how long (i

.e., number of months rounded to one decimal place) will it take you to fully repay the loan
Business
1 answer:
abruzzese [7]2 years ago
7 0

Answer:

The answer is: 36.2 months

Explanation:

First, let us calculate the total amount to be repaid after interest has been added.

interest = 8.25% = 0.0825

interest in amount = 0.0825 × 20,000 = $1,650

Total amount to be repaid = Original amount + interest

= 20,000 + 1,650 = $21,650

Next, we are told that the repayment is made monthly at $596.59 per month, therefore number of months required to pay $21,650;

$596.59 = 1 month

∴ $21,650 = 21,650 ÷ 596.59 = 36.28 = 36.3 months ( to one decimal place)

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Nataly [62]

Answer:

b. Dec. 31

Income Summary 925

Fees Earned 750

Rent Revenue 175

Explanation:

At the end of each accounting period, the elements of the income statements which are the revenues earned and the expenses incurred are usually closed to the income summary account.

The revenue earned which is normally a credit balance is closed by debiting the account and crediting the income summary. The expenses are closed by crediting the account and debiting the income summary.

Hence if Fees Earned, $750, and Rent Revenue, $175,

Total revenue = $750 + $175

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3 years ago
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Answer:

The correct answer is Direct order.

Explanation:

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2 years ago
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Answer:

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Explanation:

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(Being amount reinstated is recorded)  

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Answer:

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