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UkoKoshka [18]
3 years ago
14

A commercial bank will loan you $20,000 for four years to buy a car. The loan must be repaid in 48 equal monthly payments. The a

nnual interest rate on the loan is 6.00 percent of the unpaid balance. How large are the monthly payments?
Business
1 answer:
Lisa [10]3 years ago
8 0

Answer:

Monthly payment = $469.701

Explanation:

<em>Loan Amortization: A loan repayment method structured such that a series of equal periodic installments will be paid for certain number of periods to offset both the loan principal amount and the accrued interest.  </em>

The monthly equal installment is calculated as follows:  

Monthly equal installment= Loan amount/Monthly annuity factor  

Loan amount = 20,000

Monthly annuity factor  =

=( 1-(1+r)^(-n))/r  

r- Monthly interest rate (r)  

= 6/12= 0.5%  

n- Number of months ( n) = 20 × 4 = 48

Annuity factor  

= ( 1- (1.005)^(-48)/0.005= 42.5803

Monthly installment= 20,000 /42.5803  = $469.701

Monthly installment = $469.701

Monthly payment = $469.701

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marin [14]

Answer: Mary

Explanation:

GDP simply means the gross domestic product and it is the value in terms of money based on the goods and services that a country produces.

With regards to the question, Mary is right as the GDP can be used to denote economic growth and also know how a particular economy is doing. Wealthy nations usually have a huge GDP.

3 0
3 years ago
Mundes Corporation uses the weighted-average method in its process costing system. The beginning work in process inventory in it
Marina86 [1]

Answer:

The cost of units transferred out during the month was:$ 99980

Explanation:

Mundes Corporation

Current Costs Added

Units Transferred  Costs $ 90480

Materials =8700 * $ 4.7= $ 40890

Conversion= 8700* $5.70= $ 49590

Costs from Preceding Department (WIP beginning Inventory)= $ 9500

Total Costs= Costs Added + Costs from Preceding Department

                  = $ 90480+ $ 9500= $ 99980

The Costs of units transferred out is $ 99980

The current costs are added to the preceding costs to get the total costs of the units transferred out.

7 0
3 years ago
A rent ceiling is​ _______. A. a price floor in the housing market B. the opportunity cost of renting an apartment C. the mechan
GenaCL600 [577]

Answer:

D.

Explanation:

A rent ceiling is​ a government regulation that makes it illegal to charge a rent higher than a specified level. Meaning that the landlord of a building cannot charge a rent amount higher than the maximum price set forth by the rent ceiling. Landlords that violate this law are usually fined by the government as a consequence.

6 0
4 years ago
plaintiff was injured when the vehicle which he was operating was rear-ended by an 18-wheeler operated by driver and owned by ow
Anton [14]
  • A declinatory exception of unsuitable venue must be filed by the defendants.
  • The exception needs to be brought up before or in the answer, before or concurrently with any pleading that requests relief other than ministerial ones, like the appointment or removal of counsel of record or an extension of time to plead, and in any case, before the confirmation of a default judgment.
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<h3>What is mean by plaintiff ?</h3>

A plaintiff is the person or entity who files a lawsuit with the court. The plaintiff is looking for a legal remedy by doing this. If the search is successful, the judge will rule in the plaintiff's favor and issue the necessary orders.

Learn more about plaintiff here:

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7 0
2 years ago
The borrower in a $238,000 loan makes interest payments at the end of each six months for eight years. These are computed using
yanalaym [24]

Answer:

D = 7980.55

Explanation:

Since the borrower pays in 6 months wich is half a year, we calculate the semi-annual rate = \frac{Annual rate of intrest}{Number of months}

= \frac{0.042}{12}

= 0.0035 = 0.35%

The effective semi-annual rate is, [(0.0035)⁶- 1] = 0.02118461

\frac{D[(1.02118461)^{16}  - 1]}{1.02118461) - 1} + \frac{D[(1.02118461)^{10}  - 1]}{1.02118461) - 1} = 238000

\frac{D(1.398518 - 1)}{0.02118461} + \frac{D(1.233226 - 1)}{0.02118461} = 238000

0.631744D = 238000 * 0.02118461

0.631744D = 5041.937

Therefore D = 7980.55

7 0
3 years ago
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