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LUCKY_DIMON [66]
2 years ago
13

Immediately after graduating you bought a car with a bank loan of $20,000. The term of the loan is 5 years with monthly payments

at an interest rate of 12% compounded monthly. a) What is the amount of the twelfth payment goes to pay interest?
Business
1 answer:
xz_007 [3.2K]2 years ago
7 0

Answer:

Explanation:

Principal borrowed =$20,000

Loan year=5years

Monthly interest =12%

We need to find the amount after 12years

Compound interest is give as

Using compound interest formula

A=P(1+r/n)^nt

Where,

P = principal amount = $20,000

r = annual rate of interest =12%=0.12

t = number of years the amount invested =5years

A = amount of money accumulated after n years, including interest.

n = number of times the interest is compounded per year=12months

Therefore,

A=P(1+r/n)^nt

A=20,000(1+0.12/12)^5×12

A=20,000(1+0.01)^60

A=20,000(1.01)^60

A=20,000×1.817

A=$36,333.9

So he is meant to pay $36,333.9 for 5years (60months)

Then he will pay

$36,333.9/60

He will pay $605.57 per month

So his twelfth payment is 605.47×12=$7266.78

Using is normal payment

He is suppose to pay $20,000 at a rate of $20,000/60=333.33

Then after the twelve payment, then he his supposed to pay $333.33×12=$4000

So the interest between on the twelfth payment is 7266.78-4000 =$3266.9

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In June 1985, Joseph Marcantuone and Robert Gieson purchased property located in East Orange, New Jersey. At the time of purchas
sattari [20]

Answer:

The answer would be All of the above.

Explanation:

All the above mentioned parties are related with discharge of the chemical and are liable to get the clean up done. Marcantuone and Gieson are liable as they are the owners, Lessees of the dry cleaning establishment are liable as they are the ones who operated on the effected land and Previous owners under whose ownership the lessees had taken the land on lease for a dry cleaning property.

All the parties are liable for the clean up as well as the damage occured post the clean up as well as per the law.

6 0
3 years ago
Journalize the following transactions for Combs Company.
lions [1.4K]

Answer:

No      Account Titles and Explanation             Debit       Credit

A.        Raw material inventory                          $13,800

                Direct material price variance                            $740                        

                 ($13,800 - $13,060)

                 Account payable                                                 $13,060

           (To record purchase of materials)

B.      Work in process inventory                          $13,780

         6,890 * ($13,800/6,900)

               Direct material quantity variance                           $220                

               ($13,780 - $13,560)

               Raw materials inventory                                          $13,560

               6,780 * ($13,800/6900)

      (To record materials issued to production)

8 0
3 years ago
Which of the following is NOT a characteristic of long-run equilibrium for a perfectly competitive firm? Select one:
adelina 88 [10]

Answer: <u>"b. Price is greater than long-run average cost."</u> is NOT characteristic of long-run equilibrium for a perfectly competitive firm.

Explanation: In the long term the company will produce the output level at which long-run average cost is at its minimum.

Where the price is equal to the long-run marginal cost and the long-run average cost.

3 0
3 years ago
You are considering buying common stock in Grow On, Inc. The firm yesterday paid a dividend of $7.80. You have projected that di
Lina20 [59]

Answer:

The answer is $56.68

Explanation:

Solution

We recall that:

The firm paid a dividend of =$7.80

The projected growth of dividends is at a rate = 9.0%

The annual return = 24.0%

Now,

V = ($7.80 * (1.09)/(.24 - 0.9)

= (8.502)/(.24-0.9)

= (8.502) * (-0.66)

= $56.68

Therefore, this would be the most we would pay for the stock. If we paid less than that, our return would be above the 24%.

3 0
2 years ago
This service allows you to pay at a point of sale and accesses funds in the bank but usually does not charge you a fee:
satela [25.4K]

Answer:

A debit card

Explanation:

A debit card allows customers to make electronic payments using the funds at their bank accounts. If the customer does not have sufficient funds in their bank accounts, the transaction won't go through.

A debit card is similar to a credit card in appearance. However,  a debit card does not levy interest fees or late payment fees because it's not a credit facility.

4 0
2 years ago
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