After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $12,900 price, but financing through the dealer is no bargain. He has $2,500 cash for a down payment, so he needs an $10,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,400 for a period of four years at an add-on interest rate of 10 percent. What is the total interest on Richard’s loan? What is the total cost of the car?
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After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $12,900 price, but financing through the dealer is no bargain. He has $2,500 cash for a down payment, so he needs an $10,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,400 for a period of four years at an add-on interest rate of 10 percent.
-
What is the total interest on Richard’s loan?
-
What is the total cost of the car?
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- After visiting several automobile dealerships, Richard selects the used car he wants. He likes its $12,900 price, but financing through the dealer is no bargain. He has $2,500 cash for a down payment, so he needs an $10,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $10,400 for a period of four years at an add-on interest rate of 10 percent. What is the annual percentage rate (APR)?Give a detailed explanation of whether the following statements are true or false. • The buyer of an option has an obligation to purchase the underlying asset in the case of a call, or sell in the case of a put, which the seller of an option has the right to deliver in the case of a call, or take delivery in the case of a put. • Call-put parity implies that currency puts and calls written with exercise prices at the forward rate will have different values because, if the foreign interest rate exceeds the domestic rate, the forward rate is at a discount; therefore, the exchange rate is expected to depreciate, making the put more valuableThe Chipotle Mexican Grill In 1993, Steve Ells opened a burrito-and-taco restaurant in a Denver storefront, not far from the University of Denver campus and popular with students. He named it Chipotle Mexican Grill, after the dried pepper common in Mexican cooking. A trained chef and and graduate of the Culinary Institute of America, Steve's idea was for Chipotle to be a cash cow to help him finance a "real" upscale restaurant. Chipotle, however, began branching out: first to several locations in an around Denver, then eventually nationwide. In 1998, McDonald's bought a 91% stake in Chipotle, this was followed by a 2006 initial public offering in which McDonald's retained 69% of the stock and 88% of voting rights. By the end of 2005, there were about 500 Chipotle outlets generating approximately $600 million in sales annually. Currently, about 15,000 people are employed by Chipotle. Steve Ells still serves as the chairman and CEO. What accounts for the success? For starters: a…
- You are a soybean oil plant manager and know that you will need 1 million bushels of soybeans to keep the plant operating in the month of July. In January, you are fairly certain soybean prices are going to go up, so you want to lock in prices for June purchase. You decide to hedge and purchase 200 July soybean contracts. In January, the July futures price is $14.4850 with a basis of $0.25. Brokerage fees for each contract is $5.00 round-turn. In July, futures prices are $14.2250 with a basis of $0.55. Date Cash Market Futures Market Basis January July Results In January do you take a long or short position in the futures market? In July, what do you do in the futures market? Cash market? What is the cost from the cash market? Was there a gain or loss in the futures market? What was the net profit/loss in the futures market (don’t forget the brokerage fees) What happened to basis? Was this a scenario a long hedge or a…Damon convinced his aunt to lend him $7,400 to purchase a digital TV. He has agreed to charge only 8 percent simple interest, and he has agreed to repay the loan at the end of one year. How much interest will he pay for the year?Ali is the manager of a well reputed organization. He is assigned to auction some assets of the firm. Instead of organizing an auction Ali compiles a list of items and puts an advertisement on the paper stating that anyone who is willing to purchase the said articles for Rs. 1 Lac can contact him directly by 15th April 2021 through email only. Ahmed saw the advertisement and emailed Ali on 12th April asking for pictures of the items or if it was possible for him to view the items. Ali provided the pictures. Ahmed then emailed Ali that he is willing to purchase the said articles for Rs. 90 thousand and wrote that if Ali did not reply he will assume that Ali has accepted the offer. On 14th April at 3 pm, Saad emailed Ali and said the following, “I will purchase the listed articles.” On 14th April at 4:30 pm, Khan called Ali and brokered a deal to purchase the articles. Answer the following questions Advise Saad if he can purse Ali to obtain the articles
- Ali is the manager of a well reputed organization. He is assigned to auction some assets of the firm. Instead of organizing an auction Ali compiles a list of items and puts an advertisement on the paper stating that anyone who is willing to purchase the said articles for Rs. 1 Lac can contact him directly by 15th April 2021 through email only. Ahmed saw the advertisement and emailed Ali on 12th April asking for pictures of the items or if it was possible for him to view the items. Ali provided the pictures. Ahmed then emailed Ali that he is willing to purchase the said articles for Rs. 90 thousand and wrote that if Ali did not reply he will assume that Ali has accepted the offer. On 14th April at 3 pm, Saad emailed Ali and said the following, “I will purchase the listed articles.” On 14th April at 4:30 pm, Khan called Ali and brokered a deal to purchase the articles. Answer the following questions. Differentiate between an offer and invitation to treat. In para 2. When Ahmed asks…Mary hopes to sell 10,000 pieces of chrysanthemum last November but she was able to sell 15,000 chrysanthemum. Her chrysanthemum is sold at 20 pesos each. Her total expenses was 150,000, hence, cost per unit is 15.00. What was her sales volume variance? *25,00075,00015,000100,000 Mary hopes to sell 10,000 pieces of chrysanthemum last November but she was able to sell 15,000 chrysanthemum. Her chrysanthemum is sold at 20 pesos each. Her total expenses was 150,000, hence, cost per unit is 15.00. What was her sales volume variance? *25,00075,00015,000100,000According to AASB 16, an entity that provides the right to use an underlying asset for a period of time in exchange for consideration is termed as Lessor. Select one alternative: True False
- Absorption Costing Operating IncomeThe Southern Division manager of Texcaliber Inc. is growing concerned that the division will not be able to meet its current period income objectives. The division uses absorption costing for internal profit reporting and had an appropriate level of inventory at the beginning of the period. The division manager knows that he can boost profits by increasing production at the end of the period. The increased production will allocate fixed costs over a greater number of units, reducing cost of goods sold and increasing earnings. Unfortunately, it is unlikely that additional production will be sold, resulting in a large ending inventory balance. The division manager has come to Aston Melon, the divisional controller, to determine exactly how much additional production is needed to increase net income enough to meet the division’s profit objectives. Aston analyzes the data and determines that the division will need to increase inventory by 30% in order to…Lester Field Insurance (LFI) offers insurance products covering individual and organisational assets. LFI allows individuals and organisations to transfer the risk or chance of loss to the insurance company. For example, LFI accepts the risk or probability of loss through a written contract and agrees to pay out a certain amount of money to restore your valuables. The type of insurance offered includes property insurance, car insurance, travel insurance, household insurance and income protection plan. The company is rated to have one of the lowest rates of fraud claims in the industry. Due to COVID-19, staff had to go on a rotational basis to accommodate social distancing. LFI IT team designed a website that assists customers to log their claims online. This solution has a significant impact on different stakeholders in the organisation. The business problem that LFI is currently facing is that the claims process is too slow. LFI project manager seeks to implement a strategy that…Lester Field Insurance (LFI) offers insurance products covering individual and organisational assets. LFI allows individuals and organisations to transfer the risk or chance of loss to the insurance company. For example, LFI accepts the risk or probability of loss through a written contract and agrees to pay out a certain amount of money to restore your valuables. The type of insurance offered includes property insurance, car insurance, travel insurance, household insurance and income protection plan. The company is rated to have one of the lowest rates of fraud claims in the industry. Due to COVID-19, staff had to go on a rotational basis to accommodate social distancing. LFI IT team designed a website that assists customers to log their claims online. This solution has a significant impact on different stakeholders in the organisation. The business problem that LFI is currently facing is that the claims process is too slow. LFI project manager seeks to implement a strategy that…