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Charles is going to purchase a new car that has a list price of $21,450. He is planning on trading in his good-condition 2004 Do

mash [69]

The Interest rate is the rate that is charged by the lender for the use of his money.

The percent of the total amount paid by Charles would be the on the interest of 16.70%.

<h3>What is the interest rate?</h3>

The interest rate is the amount of interest that is due per period, as a quotient of the amount deposited, or borrowed.

The amount of interest depends upon the sum of the principal, and it can vary by the amount of money lent or deposited.

Computation of the rate of interest:

Given,

List Price = $21,450,

Interest Rate on the finance plan = 12.28%,

Monthly Interest rate:

$\dfrac{12.28\%}{12} = 1.023\%$

Sales Tax Rate = 6.88%

$n = 12 \text{Months}\times3\text{Years}\\n=36 \text{Months}$

Registration and documentation fee = $1,213 ($1,089 +$124)

Then,

The amount after-tax on selling neon 2004 is:

$=\$6,591\times80\% \times ( 1 - 6.88\%) \\\\= \$4,910$

Then the total amount paid for a new car is:

$\text{Amount Paid For a New Car}= \text{List Price+ Documentation Fee + Registration Fee}\\\\\\\text{Amount Paid For a New Car}=\$ 21,450 +\$ 1,089 + \$$124\\\\\\\text{Amount Paid For a New Car}= \$22,663$

And, The total amount gets from the finance plan:

$\text{Net Amount Paid For a New Car - Amount After Tax}\\\\\\ \$ 22,663 - \$4,910 = \$17,753$

so, Present Value = $17,753

Now, apply the given values in the formula of annuity, we get the monthly payment:

$\text{A} =\text{PV}\times {1- (1+i)^n }}\\\\\text{A} = \$592$

Where A = Annuity

Then, The total repayment in Charles finance plan would be:

$\$592\times36 = \$21,312$

The total interest expenses would be:

$\text{Total repayment - Financing Amount} \\\\ \$21,312 - \$17,753 = \$3,559$

Therefore, the percentage of total interest expenses in the amount paid is :

$\dfrac{3,559}{21,312}= 16.70\%$

Hence, The rate of interest would be 16.70%.

Learn more about the interest rate, refer to:

brainly.com/question/4626564

5 0

3 years ago

President of the United States promises to produce more defense goods without any decreases in the production of other goods. Th

anastassius [24]

Answer:

The correct answer is option b.

Explanation:

A production possibilities frontier shows the maximum possible bundles of two goods that an economy can produce using its given resources and level of technology.

Because of the scarcity of resources, the production of a good can be increased only by decreasing the production of the other good.

It is possible to increase the production of a good without reducing the production of the other only if the economy is producing at a point below the production possibilities curve.

8 0

4 years ago

Mauritiana uses standard costing for her shawls. She expects that a typical shawl should take 4 hours to produce, and the stand

PSYCHO15rus [73]

Answer:

Instructions are listed below.

Explanation:

Giving the following information:

She expects that a typical shawl should take 4 hours to produce, and the standard wage rate is $ 10.00 per hour. An average shawl uses 12 skeins of wool. Marina shops around for good deals, and expects to pay $ 3.30 per skein.

For April, Mauriona's workers produced 200 shawls using 784 hours and 3,360 skeins of wool. Mauriona bought wool for $ 10,420 (and used the entire quantity), and incurred labor costs of $ 8,100.

1)

Direct material price variance= (standard price - actual price)*actual quantity

Actual price= 3.10

Direct material price variance= (3.3 - 3.10)*3,360= $672 favorable

Direct material quantity variance= (standard quantity - actual quantity)*standard price

Direct material quantity variance= [(12*200) - 3,360]*3.3= $3,168 unfavorable

Direct labor efficiency variance= (SQ - AQ)*standard rate

Direct labor efficiency variance= [(4*200) - 784]*10= $160 favorable

Direct labor price variance= (SR - AR)*AQ

Direct labor price variance= (10 - 10.33)*784= 258.72 unfavorable

2)

Work in process 7,924

Direct material quantity variance 3,168

Direct material price variance 672

Material inventory 10,420

Work in process 8,000

Direct labor price variance 260

Direct labor efficiency variance 160

Wages payable 8,100

7 0

3 years ago

On September 30 of last year, Rex received some investment land from Holly as a gift. Holly’s adjusted basis was $50,000 and the

Pachacha [2.7K]

Answer:

A) On the 32,000 sale it will be considered a 18,000 gift to the buyer.

Because is above the 15,000 gift per person per year, it will trigger the gift tax.

B) 70,000 will generate a long-term capital gain of 20,000

C) gift of 5,000 it will not trigger the gift tax.

Explanation:

When the sale is below market value, it is treated as a gift to the buyer.

The capital gain or losses are considered using the adjusted basis.

Because Holly acquiredthe land for more than a year, it will be cosnidered a long-term capital gain if any.

4 0

3 years ago

On january 1, year 2, kincaid company's accounts receivable and the allowance for doubtful accounts carried balances of $31,000

Gala2k [10]

Answer:

$27,725

Explanation:

Given that,

kincaid company's accounts receivable = $31,000

Allowance for doubtful accounts at January 1 = $500

Wrote off receivables as uncollectible = $550

1% of credit sales

cash collections of receivables = $74,550

Accounts receivable:

= Accounts receivable at January 1 + Credit sales - Wrote off receivables as uncollectible - Cash collection of receivables

= $31,000 + $72,500 - $550 - $74,550

= $28,400

Accounts for Doubtful Accounts:

= Allowance for doubtful accounts at January 1 - Wrote off receivables as uncollectible + 1% of credit sales

= $500 - $550 + (0.01 × $72500)

= $500 - $550 + $725

= $675

Net realizable value of receivables:

= Accounts receivable - Accounts for Doubtful Accounts

= $28,400 - $675

= $27,725

Therefore, the net realizable value of receivables appearing on kincaid's year 2 balance sheet will amount to $27,725.

3 0

3 years ago