The third function explains that money is a medium of exchange. It means that it is better to use the money used in the country itself to gain better service because it would provide better protection. Costumers would be more satisfied if the business would accept the money they have and it would be safer and mutually good for both if the customer would transact using the currency country's currency.
Source: https://www.stlouisfed.org/education/economic-lowdown-podcast-series/episode-9-functions-of-money
Answer: The answer is as follows:
Explanation:
Given that,
Used car $93.38 per month for 60 months
Cash price = $4,200
Down payment = $50
(a) Amount Financed = Total Value (Cash Price) - Down Payment
= 4200 - 50
= $4150
(b) Finance Charge = Total payments - Amount Financed
= 93.38 × 60 - 4150
= 5602.8 - 4150
= $1452.8
(c) Deferred payment price = Down Payment + Total payments
= 50 + 5602.8
= $5652.8
Answer:
B
Explanation:
A is valid but i would be more worried about B when editing C and D say to fix something but it never says anything is wrong so the wording makes those answers wrong/very highly unlikely
Answer: A. N = 12; 1 = 8/4; PV = 25,000; FV = 0; CPT PMT
Explanation:
A is the correct option because,
N = 12
The period is 3 years but the payments are quaterly so the actual period is;
= 3 years * 4
= 12 quarters/ periods.
I = 8/4
The interest rate is 8% but this is stated as a Yearly value which needs to be adjusted to a quarterly value by dividing it by 4.
PV = 25,000
The Present Value of the loan is $25,000 because this is the amount that Art's Market was given in the present.
When all of this is inputted into the calculator, the answer will be; PMT = $2,363.99.
I believe the answer is D.
