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Ber [7]
2 years ago
13

Dennis has just made the final monthly payment necessary for paying off his car financing. When he purchased the car three years

ago, it had a list price of $23,878. Dennis traded in his good-condition 2001 Honda Odyssey and financed the rest of the cost at an interest rate of 11. 82%, compounded monthly. The dealer gave Dennis 85% of the trade-in value of his car, listed below. Dennis was also responsible for paying 9. 05% sales tax, a $1,474 vehicle registration fee, and a $225 documentation fee. All told, how much did Dennis pay in interest? (Round all dollar values to the nearest cent, and consider the trade-in to be a reduction in the amount paid. ) Honda Cars in Good Condition Model/Year 2000 2001 2002 2003 Element $5,887 $6,080 $6,225 $6,622 Odyssey $8,450 $8,693 $8,928 $9,224 Insight $4,384 $4,661 $5,006 $5,440 Accord $6,356 $6,626 $6,817 $7,114 a. $3,919. 77 b. $3,906. 80 c. $4,599. 44 d. $3,668. 52.
Business
2 answers:
bixtya [17]2 years ago
6 0

The correct statement is that the payments made towards the interest by Dennis on such amount of principal of the car purchase will be computed as $8392.53.

The calculation of the payment of interest made by Dennis will be computed upon the net principal value of the car and deducting such principal amount from the annuity amount.

<h3>Calculation of payment of interest </h3>

The formula for the calculation of compounded annuity will be calculated on the total value of the car financed, which is calculated as $19834, and the annuity as per the compound interest formula will be,

\rm Compounded\ Annuity= 19834(1+\dfrac{0.1182}{12})^3^x^1^2\\\\\rm Compounded\ Annuity= 19834(1.00985)^3^6\\\\\rm Compounded\ Annuity= \$28226

Now the payment of interest will be as,

\rm Compound\ Interest= Annuity- Principal\\\\\rm Compound\ Interest=28226-19834\\\\\rm Compound\ Interest=\$8392.53

So, the amount of interest paid is $8392.53.

Hence, the correct statement is that the payments made towards the interest by Dennis on such amount of principal of the car purchase will be computed as $8392.53.

Learn more about Interest Payment here:
brainly.com/question/3940069

tensa zangetsu [6.8K]2 years ago
6 0

Answer:

✅ A. $3,919.77

its right ⬇️

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List four natural resources that you think would go into the production of the following products
fenix001 [56]

Answer:

sorry I think u got yr question incomplete..

Explanation:

Oil, coal, natural gas, metals, stone and sand are natural resources. Other natural resources are air, sunlight, soil and water. Animals, birds, fish and plants are natural resources as well.

<h2>stay safe healthy and happy.</h2>
5 0
3 years ago
Radar Company sells bikes for $490 each. The company currently sells 4,300 bikes per year and could make as many as 4,620 bikes
Karo-lina-s [1.5K]

Answer:

Radar's additional income for accepting the order is calculated as follows:

Sales - 320 x $460 = $147,200

less Cost of Sales = 320 x $180 + $48,000 = $105,600

Additional Income = $41,600

Explanation:

The additional income of $41,600 is $147,200 - $105,600, which is the result of deducting cost of sales from Sales.

The cost of sales includes the variable cost per bike, including the incremental fixed costs ($48,000) to make this order.

To make a decision whether to accept an order or not, the company needs to consider all variable costs, including the incremental fixed costs.  The resulting additional income is what is available to offset the fixed costs.

8 0
3 years ago
Navajo Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer with a fair value o
UNO [17]

Answer:

Dr Computer                                       $3,300

Dr Accumulated depreciation-Truck $18,000

Cr Truck - Fixed Asset                                              $20,000

Cr Gain on disposal of truck (Balancing Figure)    $800

Cr Cash  Account                                                       $500

Explanation:

The disposal of a Fixed asset is a three step procedure and is given as under:

  1. Remove the Accumulated depreciation and the cost of the fixed asset
  2. Record the receipt of the consideration at Fair Value
  3. Record the payment or receipt of the cash

Always remember that the balancing figure will go to Profit and loss statement.

<u>Step1: Remove the Accumulated depreciation and the cost of the fixed asset</u>

The asset value and the accumulated depreciation would be removed from the books of accounts and the balance figure would be transfered to profit and loss account.

Dr Accumulated Depreciation $18,000

Dr Profit & Loss Account          $2,000

Cr Truck - Fixed Asset                            $20,000

<u></u>

<u>Step2: Record the receipt of the consideration at Fair Value</u>

Dr Computer - Fixed Asset $3,300

Cr Profit and Loss Account           $3,300

<u>Step3: Record the payment or receipt of the cash</u>

The receipt of the payment will treated as:

Dr Profit and loss Account $500

Cr Cash Account                        $500

The aggregate Effect if I summarizee would be:

Dr Computer                                       $3,300

Dr Accumulated depreciation-Truck $18,000

Cr Truck - Fixed Asset                                              $20,000

Cr Gain on disposal of truck (Balancing Figure)    $800  

Cr Cash  Account                                                       $500

8 0
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ira [324]

Answer:

The equal opportunity laws of another country, not the United States is discussed below in details.

Explanation:

An equal opportunity system is a certificate that declares what measures a company takes to eliminate and stop discrimination in the workplace.

The United Kingdom employment equality law is an organization of law that legislates against prejudice-based activities in the workplace.

The prime legislation is the Equality Act 2010, which condemns discrimination in passage to education, government services, private services, and goods, or assumptions in addition to employment.

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Use a conversion factor.
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