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dimulka [17.4K]
3 years ago
14

Teagan wants to buy a new refrigerator. The refrigerator costs $1650. Teagan decides to finance the refrigerator for 24 months a

t an APR of 12.5%. Determine Teagan's monthly payment. Round your answer to the nearest cent, if necessary. Formulas

Business
1 answer:
sukhopar [10]3 years ago
7 0

Answer:

$78.06

Explanation:

For computing the monthly payment we need to apply the PMT formula i.e. to be shown in the attachment below:

Given that,  

Present value = $1,650

Future value or Face value = $0

RATE = 12.5% ÷ 12 = 1.0416%

NPER = 24 months

The formula is shown below:  

= PMT(RATE;NPER;-PV;FV;type)  

The present value come in negative  

So, after applying the above formula, the monthly payment is $78.06

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4 0
3 years ago
Cullumber Corporation earns $840000 and pays cash dividends of $300000 during 2021. Dexter Corporation owns 4200 of the 10000 ou
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Answer: $1,306,800

Explanation:

In answering this question, we look at how much of that income, Cullumber still had on hand and then take the proportion that belongs to Dexter.

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That means that after paying the dividends they are left with,

= 840,000 - 300,000

= $540,000

Now, Dexter owns 4200 out of 10,000 shares. That means they own,

= 4,200/10,000

= 42% of Cullumber Corporation stock.

If they own 42% of the stock, they are entitled to 42% of the income so,

= 42% * 540,000

= $226,800

Now we then add this figure to the opening balance,

= $1,080,000 + $226,800

= $1,306,800

$1,306,800 is the amount Dexter should show in the investment account at December 31, 2021.

8 0
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