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3 years ago

Lindsay needs to purchase a car. The car she is planning o in purchasing costs $8,000

Business

1 answer:

Firlakuza [10]3 years ago

8 0

Answer:

1. $6,000

2. $60

3. $8,180

Explanation:

With the down payment equal to $2,000, amount Lindsay need finance to purchase car would be: $8,000 - $2,000 = $6,000

As Lindsay would pay for a term of 3 years

=> In each year, the amount finance is: $2,000

In one year, with APR = 3%, interest Lindsay has to pay on the loan of $2,000 is: $2,000 x 3% = $60

=> In three years, amount Lindsay pay for interest for the total finance is: $60 x 3 = $180

The actual cost of the car for Lindsay to own:

Actual cost = down payment + finance + interest = $2,000 + $6,000 + $180

= $8,180

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xenn [34]

Answer:

$245.09

Explanation:

A service contract for a video projection system costs $90 a year. You expect to use the system for three years.

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Ordinary Annuity

=C×[ ((1−(1+i) ^−n ) / i ]

where

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i = interest rate = 5%

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What is an advantage of using a competency-based pay plan? Employees tend to work harder. Salaries are easy to calculate. Employ

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Answer:

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3 years ago

Interest you receive from a bank is not considered income<br> True or False?

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Any interest that you receive from a bank is taxable income, so I guess its false

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3 years ago

Read 2 more answers

A company is assessing opportunities in the BRIC companies and determines that _________ is one of the youngest populations in t

romanna [79]

Answer:

India is one of the youngest Nation in the world

Explanation:

The countries that fall under the BRICs (Brazil, Russia, India and China), will have large tendency to shape the future of world because these countries are growing with greater GDP growth rates.

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3 years ago

On November 1, 2021, Aviation Training Corp. borrows $48,000 cash from Community Savings and Loan. Aviation Training signs a thr

mixas84 [53]

Answer:

Explanation:

The journal entries are shown below:

(A) Cash A/c Dr $48,000

To Notes payable A/c $48,000

(Being note is issued for cash)

(B) Interest expense A/c Dr $480

To Interest payable A/c $480

(Being accrued interest adjusted)

The computation is shown below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)

= $48,000 × 6% × (2 months ÷ 12 months)

= $480

The 2 months is calculated from November 1 to December 31

Interest payable A/c Dr $480

Notes payable A/c Dr $48,000

To Cash A/c $48,720

(Being cash is paid on maturity)

The computation is shown below:

= Principal × rate of interest × number of months ÷ (total number of months in a year)

= $48,000 × 6% × (1 months ÷ 12 months)

= $480

The 1 months is calculated from December 31 to January 31

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3 years ago