Nick paid $ 1609.57 more than Miles.
Since Miles and Nick each separately apply for and receive loans worth $ 5,000 apiece, and Miles has an APR of 7.75%, compounded monthly, while Nick's has an APR of 13.10% interest, compounded monthly, if both of them repay their loans over a four year period, making equal monthly payments based on their own loan, to determine how much more will Nick have paid than Miles, the following calculation must be performed:
- 5000 x (1 + 0.0775 / 12) ^ (4x12) = Miles
- 5000 x 1.0064583 ^ 48 = Miles
- 5000 x 1.3620 = Miles
- 6810.33 = Miles
- 5000 x (1 + 0.1310 / 12) ^ (4x12) = Nick
- 5000 x 1.010916 ^ 48 = Nick
- 5000 x 1.6839 = Nick
- 8419.90 = Nick
- 8419.90 - 6810.33 = 1609.57
Therefore, Nick paid $ 1609.57 more than Miles.
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Answer:
whats the question that goes along with these answers?
Answer:
$442,977.5
Explanation:
Calculation for what amount will Jasperse record a right-of-use asset
Right of use asset = ($75,000 -$5,000) x PVAD, 12%, 10
Right of use asset =$70,000*6.32825
Right of use asset =$442,977.5
Therefore what Jasperse will record a right-of-use asset will be $442,977.5
