Rula has purchased a new car for $15000. She paid $2,000 as a down payment, and she paid the remaining balance by a loan from he
1 answer:
Answer: 4 years
Explanation:
First find the amount Rula borrowed from her hometown bank:
= Price of car - Down payment
= 15,000 - 2,000
= $13,000
The amount that Rula is to pay is an annuity. The loan is the present value of that annuity.
Present value of annuity = Annuity * Present value interest factor of annuity
13,000 = 4,280 * Present value interest factor of annuity
Present value interest factor of annuity = 13,000 / 4,280
= 3.0373
Use an annuity table to find out the year that 12% as a discount rate intersects with, such that the present value of interest factor of annuity is 3.0373.
That number is:
= 4 years
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<h3>What is unemployment?</h3>Unemployment is the situation in which an individual is unable to find any job or occupation to meet the financial needs of life after having all the required talents and qualifications.
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The human resource manager resigned from the job due to obligations from family. This shows that she has the skills and talents to pursue and join another job. The period in which she is searching for a job is considered frictional unemployment.
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