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lesya [120]
3 years ago
15

Lupe made a down payment of $2200 toward the purchase of a new car. To pay the balance of the purchase price, she has secured a

loan from her bank at the rate of 11%/year compounded monthly. Under the terms of her finance agreement she is required to make payments of $200/month for 48 months. What is the cash price of the car? (Round your answer to the nearest cent.)
Business
1 answer:
BlackZzzverrR [31]3 years ago
7 0

Answer:

Cash price of the car

= Down payment + A(1 - <u>(1+r/m)</u>-nm

                                            r/m

= $2,200 + $200(1-<u>(1+0.11/12</u>)-4x12

                                  0.11/12

= $2,200 + $200(1-<u>(1+0.0091666667</u>)-48

                                0.0091666667

= $2,200 + $200(1-(<u>1.009166666667</u>)-48

                               0.0091666667

= $2,200 + `$200(38.691421)

= $9,938

Explanation:

The cash price of the car is equal to the down payment plus the present value of the monthly installment.  The present value of the monthly installment is obtained by using present value of annuity formula.

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You have been given this probability distribution for the holding period return for KMP Stock State of the Economy Boom Normal R
Hunter-Best [27]

Answer: The answer is a

Explanation:

Using the formula

Expected Rate of Return = ∑(i =1 to n) Ri Pi

Where Ri = Return in scenario 1

Pi = Probability for the return in scenario 1

i = Number of scenario

n = Total number of probability and Return

P1=30

R1 = 18

P2 = 50

R2 =12

P3 = 20

R3 =-5

Expected Gain =(30 ×18) + (50 × 12) + ( 20 × -5)

= 540 + 600 + - 100

= 1,040

= 1,040 ÷ 100

= 10.4%

7 0
3 years ago
On January 2, 2017, the Matthews Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates
horsena [70]

Answer:

Annual depreciation= $15,950

Explanation:

Giving the following information:

On January 2, 2017, the Matthews Band acquires sound equipment for concert performances for $65,800.

The band estimates it will use this equipment for four years. It estimates that after four years it can sell the equipment for $2,000.

We need to use the following formula:

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (65,800 - 2,000)/4= $15,950

7 0
3 years ago
A contest for an honor or an award is called?
seraphim [82]

Answer:

D. a competition.

Explanation:

A contest for an honor or an award is called a competition. The competition most times appears to be a thing not multiple people can attain at a time.

7 0
3 years ago
Read 2 more answers
In conducting their research, economists face an obstacle that not all scientists face; specifically, in economics, it is often
algol13

Answer:

The correct answer is (B)

Explanation:

Economics is a study of the market and human behaviour. Economists usually use historical data, conduct interviews and surveys to find a pattern to predict and forecast. In economics, it is almost impractical to conduct laboratory experiments because laboratory experiments leave out various aspects of reality and leave out relevant variables. Furthermore, It is difficult to find a way to use a laboratory experiment to predict and forecast.

4 0
3 years ago
"A registered representative has a long-term client who works in a bank. The representative tells the client that he wants to bu
nirvana33 [79]

Answer:

None

Explanation:

Before a bank decides on which interest rate placed on loans given to customers, it will have to be a general agreement between the board of directors in an Annual General Meeting (A.G.M). Or else stated otherwise which is quite rare, interest rates on loans and mortgages are based on a simultaneous agreement. When an interest rate is to be decided for a certain customer, his or her credit scores are evaluated to ascertain the loanee's ability to pay back the loan. When a loanee's credit scores are low, he or she tends to receive a high interest rate on loans and mortgages while when a loanee's credit scores are high, he or she tends to receive a low interest rate on loans and mortgages.

On the case of the client who works in a bank granting the registered representative a mortgage with lower interest rates, this cannot be possible because: first, the client's position in the bank was not clarified and secondly, the registered representative's credit scores will be the evaluation report used by the bank to grant that.

7 0
3 years ago
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