Answer:
The price of this car=$13,015.925
Explanation:
Given data:
Amount each year=$2,500
Time period=7 years
interest rate=8%
Required:
The price of this car=?
Solution:
The Formula we are going to use is:
Where:
PV is the price of car i.e present value
A is the payment made each year
n is the time period in which payments are paid
r is the interest rate
A=$2,500, r=8%=0.08, n=7
The price of this car=$13,015.925
When one has control over a partner's outcomes, no matter what the partner does, one exercises a form of power known as option b: fate control.
<h3>What does fate control mean?</h3>
The term fate control is known to be when a person has power over the circumstance in which a person or group is said to be facing.
Note that it is one where a person is said to have absolute control over the fate or the effect that will come out of any event or of another person or group.
Note that Fate control is seen only if the other's behavior plays no work in knowing the effect that are to be received.
Hence, When one has control over a partner's outcomes, no matter what the partner does, one exercises a form of power known as option b: fate control.
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Adjustable-Rate Mortgage is regularly first of all made at a decreased interest fee than fixed-fee loans relying on the shape of the loan, interest prices can probably increase to exceed standard fixed prices.
<h3>What is an Adjustable-rate mortgage?</h3>
Adjustable-Rate Mortgage is a loan with an interest fee which could extrude one or greater instances for the duration of the existence of the loan.
Risks that the borrower takes with this loan are:
- One of the most important risks Adjustable-rate mortgage borrowers face is whilst the month-to-month loan price rises significantly due to the fee adjustment.
- This ought to reason complication at the borrower's element in the event that they can’t find the money to make the brand new price.
Thus, these are the risks faced by the borrower of an Adjustable-rate mortgage.
To learn more about Adjustable-rate mortgages refer:
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Answer:
Journal entry to record Smith's payment
- Dr Cash account 500
- Cr Accounts Receivable account 500
Explanation:
The following journal entry was made when the account was written off:
- Dr Bad Debt Expense account 500
- Cr Accounts Receivable account 500
When the write off was reversed the following journal entry was made:
- Dr Accounts Receivable account 500
- Cr Bad Debt Expense account 500
