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
lutik1710 [3]
3 years ago
7

The purchase price of a car is $25,000. Mr. Smith makes a down payment of $5000 and borrows the balance from a bank at 6% nomina

l annual interest, compounded monthly for five years. Calculate the nearest value of the required monthly payments to pay off the loan.
Business
1 answer:
lara31 [8.8K]3 years ago
6 0

Answer:

Required monthly payments = $387

Explanation:

Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.

The monthly installment is computed as follows:

Monthly installment= Loan amount/annuity factor

Loan amount; 25,000 - 5000 = 20,000

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

r -monthly rate of interest, n- number of months

r- 6%/12 = 0.5% = 0.005, n = 5 × 12 = 60 <em>(there are 12 months in a year)</em>

Annuity factor = ( 1- (1+0.005)^(-60))/0.005

                       = 51.72556

Monthly installment = Loan amount /annuity factor

                                = 20,000/51.7256

                                 = 386.66

Required monthly payments = $387

You might be interested in
Select all that apply.
tino4ka555 [31]

Answer:

adding up consumption, investment, government expenses, and net exports

adding up the market prices of final goods and services produced in the U.S

adding up the incomes of producers and taxes paid to the government

Explanation:

GDP is a measure of the sum value of a country's output in a given period. The GDP value reflects economic growth or decline in a country for the period under review.

GDP is calculated using three methods. They include the income, production, and expenditure approach.

In the Income approach, economists add up all the earnings from the factors of production. Wages and salaries of all employees; the profits from businesses and corporates' ; rents, and interests form landlords are summed up to get GDP. Adjustments are made to cater for the taxes paid to the relevant government agencies. ( 4th option)

The production approach involves getting the value of all the finished consumer goods and services in the economy. The approach excludes intermediary goods and work-n progress. GDP is obtained by adding the total of the finished products and services and multiplying them by their prices. (3rd option)

The consumption option applies a formula that GDP = C+G+I+ NX, where C is private consumption expenditure,  G is government consumption and investment expenditure, and I in private investment expenditure. NX is the net imports. ( 1 st option )

4 0
2 years ago
What would the new equilibrium price of tutoring services be if carlos decided to stop tutoring?
wariber [46]
Given the table below

\begin{tabular}&#10;{|p {1cm}|p {1.4cm}|p {1.4cm}|p {1.5cm}|p {1.4cm}|p {1.4cm}|}&#10;{Price per hour&Quantity Supplied by Ann&Quantity Supplied by Bob&Quantity Supplied by Carlos&Market Quantity Supplied&Market Quantity Demanded\\[1ex]&#10;\$50&94&35&19&148&5\\&#10;45&93&33&14&140&8\\&#10;40&90&30&10&130&11\\&#10;35&81&27&6&114&16\\&#10;30&68&20&2&90&22\\&#10;25&50&12&0&62&30\\&#10;20&32&7&0&39&39\\&#10;15&20&0&0&20&47\\&#10;10&10&0&0&10&57&#10;\end{tabular}

From the table it can be seen that at the price of $20, the quantity supplied is equal to the quantity demanded equal to 39.

Also notice that at that price, Carlos is not supplying any service.

Therefore, the equilibruim price <span>of tutoring services be if Carlos decided to stop tutoring is $20.</span>
4 0
2 years ago
A good work ethic can be demonstrated by
FrozenT [24]

Answer:

Explanation:

Having a strong work ethic involves upholding the values and goals of the company by performing your job to the best of your ability. It means focusing on completing assigned tasks on time. An employee with a strong work ethic is professional in attitude and appearance.

5 0
3 years ago
What is a web browser?
Viefleur [7K]

A web browser is a software application for accessing information on the World Wide Web.

What are the main parts of a web browser

Answer: ...

Status Bar: ...

Address Bar: ...

What components are in each part

Motherboard. The motherboard is an important computer component because it's what everything else connects to! ...

Power Supply. True to its name, the power supply powers all other components of the machine. ...

Central Processing Unit

What does URL stand for?

the address of a World Wide Web page.

A home page is generally the main page a visitor navigating to a website from a web search engine will see, and it may also serve as a landing page to attract visitors.} The home page is used to facilitate navigation to other pages on the site by providing links to prioritized and recent articles and pages, and possibly a search box

6 0
3 years ago
Josh purchased 100 shares of XOM at the beginning of 2016. He received dividends per share of​ $1.37 (2016),​ $1.55 (2017),​ $1.
Natalka [10]

Answer: 7.80%

Explanation:

At the end of 2016, Josh received a dividend of $1.37 and at the end of 2020, he received one of $1.85.

You can calculate the growth rate with the formula:

Dividend Growth Rate = (Dividend received at end of 2020/Dividend received at end of 2016) ^ (1/n) - 1

2016 to 2020 is 4 years.

Dividend growth rate = (1.85 / 1.37)¹/⁴ - 1

= 0.07798518

= 7.80%

8 0
3 years ago
Other questions:
  • Shared values among employees are the glue of successful management <br> a. True <br> b. False
    5·1 answer
  • Which is NOT a crucial question about target markets? Select one:
    9·1 answer
  • Scarcity: Group of answer choices
    8·1 answer
  • While walking down a street, Jonathon accidentally bumps into Jessica who is highly aggressive. She starts yelling at him and hi
    14·1 answer
  • Wassenaar Arrangement HIPAA PCI DSS FERPA GLBA SOX A. Provides safeguards for credit card transactions B. controls the way finan
    13·1 answer
  • The degree of agreement among several measurements of the same quantity is called ________________. It reflects the reproducibil
    6·1 answer
  • Crane, Inc. a manufacturer of gourmet potato chips, employs activity-based costing. The budgeted data for each of the activity c
    14·1 answer
  • An institutional client wishes to open an account at a brokerage firm, but wants the positions in the account held at a bank and
    13·1 answer
  • Optimum Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been cl
    12·1 answer
  • What is a business opportunity?
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!