How many miles is 64km?

Calculate the monthly payment for a 5-year car loan of $23,570 at 10. 43% interest, compounded monthly. A. $247. 44 b. $337. 56

Phoenix [80]

The monthly payment for this car loan is equal to: D. $505. 79.

Given the following data:

Time = 5 years

Principal = $23,570

Interest rate = 10.43%

To calculate the monthly payment for this car loan:

Mathematically, the monthly payment on a loan is given by this formula:

$M = \frac{P(\frac{r}{12})(1 \;+\; \frac{r}{12})^{12t}}{(1 \;+ \; \frac{r}{12})^{12t} -1}$

Where:

P is the principal or amount borrowed.

r is the interest rate.

M is the monthly payment.

t is the number of years.

Substituting the given parameters into the formula, we have;

$M = \frac{23570(\frac{0.1043}{12})(1 \;+\; \frac{0.1043}{12})^{12 \times 5}}{(1 \;+\; \frac{0.1043}{12})^{12 \times 5}\; -\;1}\\\\M = \frac{23570(0.008692)(1 \;+\; 0.008692)^{60}}{(1 \;+\; 0.008692)^{60}\; -\;1}\\\\M = \frac{23570(0.008692)(1.008692)^{60}}{(1.008692)^{60}\; -\;1}\\\\M = \frac{23570(0.008692)(1.6808)}{1.6808\; -\;1}\\\\M = \frac{344.34}{0.6808}$

Monthly payment, M = $505.79

4 0

2 years ago

Which type of agreement assures that a broker will receive compensation regardless of who procures the buyer?a. Net listingb. Ex

natita [175]

Answer:

b. Exclusive right to sell

Explanation:

-Net listing is when the agent is able to keep the difference when a property is sold for more than the asking price.

-Exclusive right to sell is when the seller gives the agent the right to market the property and accepts to pay the comission to the agent if the property is sold during the period of the listing.

-Open listing is when a property has different agents and the one that gets the buyer receives the comission.

-Exclusive agency is when the seller gives an agent the right to market a property but the seller is able to sell the property to a buyer that was not found by the agent and in that case, the seller doesn't have to pay the comission to the agent.

According to this, the answer is that the type of agreement that assures that a broker will receive compensation regardless of who procures the buyer is exclusive right to sell because the agent is granted the right to sell the property and the seller agrees to pay the comission if the property is sold during the time of the listing last and it doesn't matter who finds the buyer.

7 0

3 years ago

Serenity accepted a position with Creative Concepts in Houston, Texas. Before her first day, she felt uneasy as she was new to t

ruslelena [56]

Answer:

A. Social needs

Explanation:

Social need is an individual need to have a relationship with others. It involves socialization with one's environment and society. According to Maslow hierarchy of needs, the social need comes after an individual psychological and safety need as been accomplished. Social needs involves making friends, finding love, having lots of intimacy and various series of connections with other individuals. By been able to make new friends and understand her city, the new job seemed to satisfy Serenity need for social relationships and interactions.

6 0

3 years ago

Mary and John, a young couple, come to you asking for financial advice. They recently graduated and have found entry-level posit

dolphi86 [110]

a) The lump-sum investment means that the young couple, Mary and John, will invest the total sum of $54,000 (18 x $3,000) at the beginning of the investment period, which yields a future value worth $154,134.31 at the end of the 18-year investment period,

On the other hand, the annuity investment of $3,000 implies that Mary and John will invest $3,000 annually, which yields a future value worth $98,279.98 at the end of the 18-year investment period.

b) The advantage of the lump-sum investment strategy over the annuity investment lies in the total interest generated, which is also compounded over the years.

Interest compounding means that Mary and John would be earning interest on interest.

The disadvantage of the lump-sum strategy, which becomes the advantage of the annuity investment, is that Mary and John may not afford the lump-sum at the beginning of the investment.

c) Since Mary and John could only afford to invest $3,000 annually, they should go ahead with the annuity investment.

The recommendation of the investment strategy is based on the financial status of Mary and John at the beginning of the investment because they are:

Financially literate
Moderate risk-takers.

<h3>What is future value?</h3>

The future value of an investment is the value of the cash flows in a future period. The future values of each investment strategy can be determined using the following future value formula:

FV = PV (1+r)^{n}

FV = future value

PV = present value

r = annual interest rate

{n} = number of periods interest held

Alternatively, it can be computed using an online finance calculator as follows:

Data and Calculations:

Lump-sum investment:

N (# of periods) = 18 years

I/Y (Interest per year) = 6%

PV (Present Value) = $54,000

PMT (Periodic Payment) = $0

Results:

FV = $154,134.31

Total Interest = $100,134.31

Annuity Investment:

N (# of periods) = 18 years

I/Y (Interest per year) = 6%

PV (Present Value) = $0

PMT (Periodic Payment) = $3,000

Results:

FV = $98,279.98

Sum of all periodic payments = $54,000 (18 x $3,000)

Total Interest = $44,279.98

Learn more about lump-sum and annuity investments at brainly.com/question/16522689

4 0

3 years ago

An artist buys scrap metal from a local steel mill as a raw material for her sculptures. Last year, she purchased $5 comma 000

NemiM [27]

Answer:

1. $1000 (sale price) - $800 (Dealer price) = $200

2. $200 * 10 sculptures = $2000 of total value added

Explanation:

STEPS

1)The artist pays $5,000 for the intermediate goods (scrap metal) and sells the finished goods (10 sculptures) for $1 comma 1,000 each.

The value added for the artist equals $3000

2)The art dealer pays $800 for the intermediate goods (sculptures) and sells the finished goods (sculptures) for $1000 each. Calculate the difference between the price the dealer paid for the sculptures and the amount for which the dealer sold the sculptures.

3) $1000 (sale price) - $800 (Dealer price) = $200

4) $200 * 10 sculptures = $2000 of total value added

7 0

3 years ago

How many miles is 64km?​

How many miles is 64km?