All else being equal, an overseas source with lower production cost will become relatively more attractive as

Charles is going to purchase a new car that has a list price of $21,450. He is planning on trading in his good-condition 2004 Do

mash [69]

The Interest rate is the rate that is charged by the lender for the use of his money.

The percent of the total amount paid by Charles would be the on the interest of 16.70%.

<h3>What is the interest rate?</h3>

The interest rate is the amount of interest that is due per period, as a quotient of the amount deposited, or borrowed.

The amount of interest depends upon the sum of the principal, and it can vary by the amount of money lent or deposited.

Computation of the rate of interest:

Given,

List Price = $21,450,

Interest Rate on the finance plan = 12.28%,

Monthly Interest rate:

$\dfrac{12.28\%}{12} = 1.023\%$

Sales Tax Rate = 6.88%

$n = 12 \text{Months}\times3\text{Years}\\n=36 \text{Months}$

Registration and documentation fee = $1,213 ($1,089 +$124)

Then,

The amount after-tax on selling neon 2004 is:

$=\$6,591\times80\% \times ( 1 - 6.88\%) \\\\= \$4,910$

Then the total amount paid for a new car is:

$\text{Amount Paid For a New Car}= \text{List Price+ Documentation Fee + Registration Fee}\\\\\\\text{Amount Paid For a New Car}=\$ 21,450 +\$ 1,089 + \$$124\\\\\\\text{Amount Paid For a New Car}= \$22,663$

And, The total amount gets from the finance plan:

$\text{Net Amount Paid For a New Car - Amount After Tax}\\\\\\ \$ 22,663 - \$4,910 = \$17,753$

so, Present Value = $17,753

Now, apply the given values in the formula of annuity, we get the monthly payment:

$\text{A} =\text{PV}\times {1- (1+i)^n }}\\\\\text{A} = \$592$

Where A = Annuity

Then, The total repayment in Charles finance plan would be:

$\$592\times36 = \$21,312$

The total interest expenses would be:

$\text{Total repayment - Financing Amount} \\\\ \$21,312 - \$17,753 = \$3,559$

Therefore, the percentage of total interest expenses in the amount paid is :

$\dfrac{3,559}{21,312}= 16.70\%$

Hence, The rate of interest would be 16.70%.

Learn more about the interest rate, refer to:

brainly.com/question/4626564

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2 years ago

Expected direct materials purchases in Metlock Company are $204000 in the first quarter and $264000 in the second quarter. 35 pe

Nataliya [291]

Answer:

The budgeted cash payments for the second quarter are $225000

Explanation:

The cash payments in the second quarter will comprise of cash purchases for the second quarter which are 35% of purchases for the second quarter along with 65% of payments due for purchases of the first quarter.

The cash payment budgetedn for the second quarter is,

Cash payment = 0.35 * 264000 + 0.65 * 204000 = $225000

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2 years ago

Fill in the blank label in the above figure.

djyliett [7]

Answer:

C. Margin

Explanation:

I just took the PF test.

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3 years ago

is the person responsible for the business value of the project and for deciding what work to do and in what order when using a

Romashka-Z-Leto [24]

Answer:

product owner

Explanation:

The Scrum method is a framework for developing, delivering, and sustaining complex products in many fields of including research, sales, marketing and advanced technologies as seen below. In this methodology, the individual responsible for the business value of the project and for deciding what work to do is the product owner. This individual is usually the project's key stakeholder which gives him the responsibility of providing the vision of what the product should ultimately be to the rest of the team..

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2 years ago

Question 5 of 10

LekaFEV [45]

C you’re taking a class to show you want to have more skill

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2 years ago