24. The____
2 answers:
The total amount of the car loan, plus taxes and fees is called: A- Principal.
A principal can be defined as an amount of money that represents the total amount of loan on an asset, plus taxes and other fees applicable.
In Financial accounting, principal is commonly associated with compound interest or simple interest.
Mathematically, simple interest is given by the formula:
<u>Where:</u>
- S.I is the simple interest.
- P is the principal amount.
- R is the interest rate.
- T is the time measured in years.
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Answers:
1. A person with 1 exemption making between $580 and $600 would have $<u>21.97</u> withheld.
2. A person with 3 exemptions making between $340 and $360 would have $<u>4.51</u> withheld.
3. A person with 4 exemptions making $610 would have $<u>16.31</u> withheld.
4. A person with 2 exemptions making between $440 and $460 would have $<u>12.16</u> withheld.
5. Tim Worker had $7.84 withheld. What was his wage range? <u>$360-$380</u>
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