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
Brut [27]
2 years ago
8

7. Total Cost for Savings Piggy bank with cash Dean is planning to purchase a new Nissan Altima which costs $26,865. He has save

d up $3,200 to put toward it. He is thinking about getting a loan for it from his credit union, but he could also keep driving his beat-up old car for a while longer and save up cash for the new one. Dean would like to get the car soon, but he wants to at least look into the option of saving up and paying cash for the car so he doesn't have to pay so much for interest. Possibility Two: Saving Up Assume Dean puts his $3,200 in his savings account, which has an APR of 1.2%. You've already determined how much he needs to add to the account every month in order to have all $26,865 saved up to pay cash for the car in five years. If Dean decides to do this, how much of his own money will he have put into the savings account to pay for his car? Don't forget the initial deposit as well as the monthly payments.
Business
1 answer:
son4ous [18]2 years ago
7 0

Answer:

The monthly deposit is calculated using PMT function :

rate = 1.2%/2 (converting annual rate into monthly rate)

nper = 12 * 5 (5 years of deposits with 12 monthly deposits each year)

pv = -3200 (Amount put into account now. This is entered with a negative sign because it is a cash outflow)

fv = 26865 (Required value of account after 5 years)

PMT is calculated to be $379.70.

The monthly deposit is  $379.70.

You might be interested in
The cost of wages paid to employees directly involved in the manufacturing process in converting materials into finished product
Fofino [41]

Answer:

c.direct labor cost

Explanation:

  • The direct labor is a type of manufacturing costs and the cost of wages that are paid to the individual can include the employees that are directly involved in the conversion of the raw mater into the finished products is thus classified as the direct labor cost.
  • The cost includes the manufacturing and converting that product incurred to produce the goods and services to meet the demands of the consumers.
8 0
3 years ago
The following are the transactions for Evans Company: a. Sold merchandise for $645. The cost of goods sold was $375. b. Sold mer
omeli [17]

Answer

The answer and procedures of the exercise are attached in the following archives.

Step-by-step explanation:

You will find the procedures, formulas or necessary explanations in the archive attached below. If you have any question ask and I will aclare your doubts kindly.  

7 0
3 years ago
If the sales volume decreases by 25%, the variable cost per unit increases by 15%, and all other factors remain the same, net op
9966 [12]

Answer: decrease by $31,875

Explanation:

Net Operating income;

= Sales - variable cost - fixed cost

= (70 * 3,000) - ( 50 * 3,000) - 25,000

= $35,000

Sales volume decreases by 25%;

= 3,000 * ( 1 - 25%)

= 2,250 units

Variable cost per unit increases by 15%;

= 50 * ( 1 + 15%)

= $57.50

New Net Operating income;

= (70 * 2,250) - (57.50 * 2,250) - 25,000

= $3,125

Net Operating income change;

=  3,125 - 35,000

= -$31,875

Decrease by $31,875

6 0
2 years ago
What is the value today of receiving $5,000 at the end of six years, assuming an interest rate of 8% compounded semiannually?
Ulleksa [173]

Answer:

$3,122.96

Explanation:

Future value = 5000

i = 8%

n = 6

m = 2

Present Value = FV(1+i/m)^mn

Present Value = 5,000(1+0.08/2)^-2*6

Present Value = 5,000(1.04)^-12

Present Value = 5,000 / (1.04)^12

Present Value = 5,000 / 1.6010322

Present Value = 3122.985284118583

Present Value = $3,122.96

6 0
3 years ago
Select the correct answers. Which product is the cheapest and requires the least planning from a buyer? A. specialty products B.
Aleks04 [339]

Answer:

the answer is D. convenience products

Explanation:

convenient products are much cheaper and consumers usually look for them by the brand, or sometimes, these products are homogenous in nature, so people would just go and buy it rather than comparing different products and prices.

4 0
3 years ago
Other questions:
  • Kellogg’s froot loops cereal comes in six fruit flavors: orange, lemon, cherry, raspberry, blueberry, and lime. charise poured o
    11·1 answer
  • Free-market economies have _____ .
    14·2 answers
  • Direct Materials and Direct Labor Variances At the beginning of June, Bezco Toy Company budgeted 5,000 toy action figures to be
    14·1 answer
  • A single-price monopoly can sell 2 units for $8.50 per unit. in order to sell 3 units, the price must be $8.00 per unit. the mar
    10·1 answer
  • Which statement is false? A A large country never gains from imposing an export subsidy. B A small country never gains from impo
    6·1 answer
  • When the Fed increases the reserve requirement, banks: must increase the dollar volume of loans they make to customers. must pay
    14·1 answer
  • The process of taking cash flow that is received or paid in the future and stating that cash flow in present value terms is call
    11·1 answer
  • Each time a politician or celebrity writes a book, bookstores can expect at least some customers to want the book, but whether i
    15·1 answer
  • Which interest group is thought to run the most effective grass-roots lobbying campaigns?
    11·1 answer
  • 20 POINTS<br> What are the six ethical values AMA identifies for all marketing professionals?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!