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Elena-2011 [213]
3 years ago
10

4.37.-On January 1st, Frank bought a used car for $72,000 and agreed to pay it as follows: ¼ down payment; the balance to be pai

d in 36 equal monthly payments; the first payment due February 1; an annual interest rate of 9%, compounded monthly.
Business
1 answer:
Iteru [2.4K]3 years ago
4 0

Answer:

$1,664.099

Explanation:

The amount that should be recognised by the Frank in respect of monthly payments to be made in respect of used car shall be determined using present value of annuity formula as follows:

Total amount to be paid= $72,000*3/4=$54,000

Total amount to be paid=Present value of annuity=R+R[(1-(1+i)^-n)/i]

Where

R=Equal monthly payment to be made=?

i=Interest rate compounded monthly=9/12=0.75%

n=number of payments involved=36

Present value of annuity= $54,000

$54,000=R+R[(1-(1+0.75%)^-36)/0.75%]

$54,000=R+R(31.45)

$54,000=R*32.45

R=$1,664.099=equal monthly payment

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Answer:

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Explanation:

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What do you think are some of the risks and challenges associated with performing so many hypothesis tests? what would you do to
Aloiza [94]

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6 0
1 year ago
Deere is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the fo
Sveta_85 [38]

Answer:

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Where Average Inventory = (Previous Inventory + Current Inventory) / 2

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Deere Inventory Turnover for 2017 Ratio is  5.95.

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Which events could cause the change in demand shown on this graph?<br><br> Check all that apply.
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