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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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2 years ago
On June 3, Carla Company sold to Chester Company merchandise having a sale price of $3,800 with terms of 4/10, n/60, f.o.b. ship
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Answer:

A. June 3

Dr Accounts Receivable—Chester $3,800

Cr Sales Revenue $3,800

June 12

Dr Cash $3,648

Dr Sales Discounts $152

Cr Accounts Receivable—Chester $3,800

B. June 3

Dr Accounts Receivable—Chester $3,648

Cr Sales Revenue $3,648

June 12

Dr Cash $3,648

Cr Accounts Receivable—Chester $3,648

Explanation:

A. Preparation of the journal entries on the Pronghorn Company books to record Sales and receivables are entered at gross selling price.

June 3

Dr Accounts Receivable—Chester $3,800

Cr Sales Revenue $3,800

June 12

Dr Cash $3,648

($3,800-$152)

Dr Sales Discounts ($3,800 X 4%) $152

Cr Accounts Receivable—Chester $3,800

B. Preparation of the journal entries on the Pronghorn Company books to record Sales and receivables are entered at gross selling price Sales and receivables are entered at net of cash discounts.

June 3

Dr Accounts Receivable—Chester $3,648

Cr Sales Revenue ($3,800 X 96%) $3,648

June 12

Dr Cash $3,648

Cr Accounts Receivable—Chester $3,648

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Answer:

$239,060

Explanation:

The computation of the net income distributed to Carr as follows;

<u> Particulars     Carr      Mason      net income distributed   Non-allocated </u>

Net income                                                                              $442,000

Salary

allowance     $42,000                  $42,000                            $400,000

Interest

on capital     $4,410   $10,290      $14,700                            $385,300

left amount  $192,650 $192,650  $385,300                        $0

Net income  $239,060

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Answer:

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