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kirill [66]
3 years ago
5

Ursula wants to buy a $19,000 used car. She has savings of $2,000 plus an $800 trade-in. She wants her monthly payments to be ab

out $282 . Which of the following loans offers monthly payments closest to $282 ?A) 78% APR for 48 months.B) 78% APR for 60 months.C) 7.8% APR for 72 months.D) 7.8% APR for 36 months.
Business
2 answers:
Troyanec [42]3 years ago
7 0

Answer:

C) 7.8% APR for 72 months.

Explanation:

we can use an excel spreadsheet and the payment function:

=PMT (rate,nper,pv)

we are given the:

  • present value of the principal = $19,000 - $2,000 - $800 = $16,200

we must choose between 4 alternatives:

  • 78% APR; 48 MONTHS: we need to replace rate and nper in the function =PMT (6.5%,48,-16200) = $1,107
  • 78% APR; 60 MONTHS: we need to replace rate and nper in the function =PMT (6.5%,60,-16200) = $1,077
  • 7.8% APR; 72 MONTHS: we need to replace rate and nper in the function =PMT (0.65%,72,-16200) = $282
  • 7.8% APR; 36 MONTHS: we need to replace rate and nper in the function =PMT (0.65%,36,-16200) = $506

kow [346]3 years ago
6 0

Answer:

Explanation:

Ursula needs $19,000 or in other words FV (Future value)

She has savings of $2000 and trade in of $800 or in other words she has $2800. She needs to borrow $16200 (19000-2800)

Also, she wants monthly payment to be $282. To find which answer fits best, let's check each of them.

A) APR =78% or mothly rate of 78/12 = 6.5%; 48 months

Using financial calculator:

Rate = 6.5%

n = 48

PV = $16200

Find PMT? PMT = 11068

This is not the right answer

B) APR = 78%, monthly rate=6.5%

n = 60

PV = $16200

Find PMT? PMT = 1077.6

This is not the right answer

C) APR = 7.8%; monthly 0.65%

n =72

PV = $16200

Find PMT? PMT = 282.4

This is the correct option

Answer is - C

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Explanation:

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3 years ago
Pina Colada Corp. has the following transactions during August of the current year.
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Answer and Explanation:

The indication of the basic analysis and the debit credit analysis is as follows;

Date                   Basic Analysis                    Debit - Credit Analysis

Aug. 1       The asset Cash is increased;     Debits increase assets;

              the stockholders' equity account   Debit Cash

                Common stock is increased.         $10,880

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                                                                      Credit Common stock

                                                                             $10,880

Aug. 4            The asset Prepaid Insurance        Debits increase assets;

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              the asset Cash is decreased.               $ 1,500

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                                                                             Credit Cash

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Aug. 16        The asset Cash is increased;        Debits increase assets;

           the revenue Service revenue               Debit Cash

             is increased.                                         $880

                                                                          Credits increase revenues:

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                                                                          $880

Aug. 27      The expense Salaries expense    Debits increase expenses:

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                 the asset Cash is decreased.       $680.

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3 0
3 years ago
Chae Corporation uses the weighted-average method in its process costing system. This month, the beginning inventory in the firs
nasty-shy [4]

Answer:

If costs and percentage completion of these units in beginning inventory were:

Cost Percent Complete

Materials costs $7,900 60%

Conversion costs $6,900 30%

A total of 8,100 units were started and 7,600 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:

Materials costs $137,900

Conversion costs $323,900

The ending inventory was 80% complete with respect to materials and 75% complete with respect to conversion costs.

Note: Your answers may differ from those offered below due to rounding error. In all cases, select the answer that is the closest to the answer you computed. To reduce rounding error, carry out all computations to at least three decimal places.

The cost per equivalent unit for materials for the month in the first processing department is closest to $17.03

Explanation:

Weighted-average method is used to make an inventory valuation, taking average values ​​for both the merchandise in stock and for the costs of merchandise sold.

But in this case, since you have unfinished units, you must take the equivalent to calculate the unit cost.

Materials:

Units completed: 7,600

Units in process: 1,200 * 80% = 960

Equivalent production units: 7,600 +, 960 = 8560

Cost at start: 7,900

Added costs in the period: 137,900

Total cost: 7900 + 137,900 = 145,800

So: 145,800 / 8,560 = 17.03 is the equivalent unit cost per product

4 0
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Answer:

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Explanation:

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7 0
3 years ago
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