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Orlov [11]
3 years ago
9

Delilah purchased a wheelchair with an installment loan that has an APR of 18 percent. The wheelchair sells for $2,007. The stor

e financing requires a 20 percent down payment and 54 monthly payments. What is the finance charge
Business
1 answer:
alukav5142 [94]3 years ago
5 0

Answer:

$748.48

Explanation:

Cost of wheelchair = $2,007

Down payment = Cost of wheelchair*20% = $2,007*20% = $401.40

Amount of finance = Cost of wheelchair - Down payment = $2,007 - $401.40 = $1,605.60

Interest rate = 18% * 1/12 = 1.5%per month

Term = 54 month

Monthly payment = Amount of finance*I/[1-(1+I)^-n]

Monthly payment =  $1,605.60*1.5%/[1-(1+1.5%)^-54]

Monthly payment = $1,605.60*1.5%/[1 - 0.447541]

Monthly payment = $1,605.60*0.015/0.55246

Monthly payment = $43.59411

Total amount paying for loan over a period = Monthly payment * Term = $43.59411 * 54 = $2354.08

Amount of finance charge = Total amount paying for loan - Amount of loan

Amount of finance charge = $2354.08 - $1,605.60

Amount of finance charge = $748.48

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Mekhanik [1.2K]

Answer:

There are multiple theories, nobody can be 100 percent sure how but here are 2 main theories:

Explanation:

-Lightning strikes a nearby tree, which catches fire. Frightened but inspired, these cavemen venture out, bring burning sticks back into their cave and learn to use fire.

-They may have used pieces of flint stones banged together to created sparks. They may have rubbed two sticks together generating enough heat to start a blaze.

6 0
3 years ago
Reuse of large amounts of copyrighted film in a documentary would not constitute a copyright infringement.
KATRIN_1 [288]

Answer:

B. False

Explanation:

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3 0
3 years ago
Dawn wang heads an ad agency in texas and regularly needs to work with​ copywriters, artists, and designers to come up with effe
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4 0
3 years ago
Leh Inc. recently borrowed $275,000 from its bank at a simple interest rate of 9 percent. The loan is for nine months and, accor
Andreyy89

Answer:

Monthly payment =$32,618.05

Explanation:

<em>To arrive at the monthly installment, we would calculate the total interest due on the loan for nine months, add it to the principal and then divided the sum by 9 months</em>

<em>The monthly installment</em>

= (Principal + total interest for 9 months)/ number of months

<em>Interest for 9 months </em>

= 9%× 9/12 × 275,000

= $18,562.5

<em>Monthly installment</em>

= (275,000 + $18,562.5)/9

=32,618.05 per month

3 0
3 years ago
In March, Kelly Company had the following unit production costs: materials $12 and conversion costs $8. On March 1, it had zero
pochemuha

Answer:

A) the total units to be accounted for = 23,980 + 4,600 = 28,580 units

B) the total material equivalent units = 23,980 finished units + 4,600 = 28,580 units

total conversion equivalent units = 23,980 finished units + (4,600 x 30%) = 23,980 + 1,380 = 25,360

C) cost reconciliation schedule:

Cost accounted to finished goods 23,980 x (12 + 8) = $479,600

Cost of material in process  

material work in process  4,600 x 12 = $55,200  

conversion cost in process  1,380 x 8     = $11,040

<u>                                                                                                  $66,240   </u>

total cost                                                                                 $545,840

3 0
3 years ago
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