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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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Consider the following binomial experiment: a study in a certain community showed that 6% of the people suffer from insomnia. if
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To determine the standard deviation of the number of people who suffer from insomnia, you need to use the following formula:
= sqr of npq

= √10,200 people in the community x 0.6 people who suffer from insomnia x 0.91 = ?
= √10,200 x 0.6 x 0.91 = <span>√55.143 = 7.43 

= 7.43</span>
6 0
3 years ago
Devin wants to purchase DEF stock for a specified price of $40.00 or less, and he understands this request will be executed afte
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Answer:

He should use a limit order.

Explanation:

Limit order is given to a broker to buy a stock at a specified price or a price that is better that the specified price. Here Debin order will be executed at a price $40 or below when he places a limit order .

Therefore, He should use a limit order.

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3 years ago
International trade a. raises the standard of living for importing countries and lowers it for exporting countries. b. raises th
adoni [48]
<h3>International trade raises the standard of living in all trading countries. </h3>

Explanation:

International trade is an inter country exchange of goods and services. Globally, exporting offers people and countries the ability to be exposed to goods and services that are not available in their nations, or that would cost more domestically.

Global trade allows countries to make more effective use of their resources–whether labor, technology or money. International trade usually enables countries to concentrate on those markets in which they can be most competitive and effective. In this way, international trade generally raises the standard of living of both producers and consumers.

8 0
3 years ago
Shanice is a new project manager working with a preexisting team that has resisted many of the new policies she has put into pla
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Answer: Shanice is conving the team that their behavior will harm the company since it will disturb Research and Development projects, specially concerning time and energy management. By taking this step, <u>in a non-aggressive way she is demanding that the team takes new attitudes towards their jobs and the project itself.</u>

5 0
3 years ago
On April 2, Granger Sales decides to establish a $290 petty cash fund to relieve the burden on Accounting.
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Answer and Explanation:

The journal entries are shown below:

On Apr 2

Petty cash $290

           To Cash  $290

(Being the establishment of the petty cash fund is recorded)

For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets

On Apr 10

Mail & Postage $62

Contributions and Donations $33

Meals & entertainment $114

Cash Short and Over $4     ($290 - $62 - $33 - $114 - $77)

                       To Cash  $213

(Being the replenishment of the fund is recorded)

For recording this,  we debited the mail & postage, contributions & donations, meals & entertainment as it increased the expenses and credited the cash as it reduced the assets and the balancing figure is debited to cash short and over

On Apr 11

Petty Cash $140    ($430 - $290)

         To Cash  $75

For recording this we debited petty cash as it increased the cash and credited the cash as it reduced the assets

5 0
3 years ago
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