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Dahasolnce [82]
2 years ago
12

Rupesh wants to buy a new BMW priced at $54,000. He makes a down payment of 20% of the original price. He also trades-in his old

car for $10,000. (This means he sells the old car to the dealer for $10,000). For the balance, Rupesh takes a 60-month car loan at an interest rate of 3.45%. What will be the approximate payment at the end of every month
Business
1 answer:
AlladinOne [14]2 years ago
5 0

Answer:

The approximate payment at the end of every month will be $603.22.

Explanation:

Since the payment is going to be made at the end of every month, this can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value or the balance = Price of BMW - Down payment - Old car sales amount = $54,000 - ($54,000 * 20%) - $10,000 = $33,200

P = Monthly payment = ?

r = Monthly interest rate = Annual interest rate / 12 = 3.45% / 12 = 0.0345 /

12 = 0.002875

n = number of months = 60

Substitute the values into equation (1) and solve for P, we have:

$33,200 = P * ((1 - (1 / (1 + 0.002875))^60) / 0.002875)

$33,200 = P * 55.0377058660197

P = $33,200 / 55.0377058660197

P = $603.22

Therefore, the approximate payment at the end of every month will be $603.22.

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Explanation:

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We know that for p = 0.8,   $p(x \geq 5) = 0.0452$

Now using binomial simulation, we can determine that $p(x \geq 5) \leq 0.01$ for  p = 0.0452

So the production process is to be redesigned for reducing the percentage of boxes of the Go Bananas of 16 ounces which failed to meet the required weight of the marshmallows having banana flavor if the production process is working properly to 5.42 percent.

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3 years ago
Calin Corporation has total current assets of $617,000, total current liabilities of $233,000, total stockholders’ equity of $1,
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Answer:

Working capital = Current assets - Current liabilities

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Explanation:

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Retirement planning should begin at what age?
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Explanation:

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Department E had 4,000 units in Work in Process that were 40% completed at the beginning of the period at a cost of $12,500. Of
JulijaS [17]

Answer:

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Answer:

$38,265

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