To remodel your business, you need to sign a 190-day note with proceeds of $16,559.57 and a maturity value of $20,000. Find the APR.
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- Next Level Potter wishes to deposit a sum that at 12% interest, compounded semiannually, will permit 2 withdrawals: 40,000 at the end of 4 years and 50,000 at the end of 10 years. Analyze the problem to determine the required deposit, stating the procedure to follow and the tables to use in developing the solution.In order to make some home improvements, a homeowner spent $24000. He paid 18% as a down payment and financed the balance of the purchase with a 36-month fixed installment loan with an APR of 4.5% Determine the home owner's total finance charge and monthly payment. Select one: a.Total finance charge = $3381.02; Monthly payment = $640.58 b.Total finance charge = $1156.06; Monthly payment = $579.03 c.Total finance charge = $3074.40; Monthly payment = $752.07 d.Total finance charge = $1395.12; Monthly payment = $585.42Nesrin purchased a new car for $9420 paying $3000 down paying and agreeing to 12 monthly payment (by notes) of a face value of $600 each begining a month after the purchase. Calculate the credit rate. Nesrin suggested to pay $3000 the day of purchase and substituting the 12 notes with a unique note of $7200.Determine the due date of that note with the samr conditions of above. At last,she decided to payb$4680 down payment and agreeing to pay the remaining amount by 3 payments every 4 months.The payments would begin 4 months from the time of purchase.The payment amount will increase by a geometrical sequence of common ratio q=2. If the credit discount rate is 12%, calculate the maturity value Vi of each payment.
- Kelly Jones and Tami Crawford borrowed $26,000 on a 7-month, 6% note from Gem State Bank to open their business, Pharoah’s Coffee House. The money was borrowed on June 1, 2022, and the note matures January 1, 2023. what is the entry required on January 1, 2023, when the loan is paid back?Use the Present Value tables found in Appendix E, of your textbook, to answer the following questions. Round each portion of your answer to the nearest dollar. On January 1, 2021, Advance Auto purchased a machine and made a cash down payment of $2,400. The seller agreed to allow Advance Auto to pay for the balance of the machine over a 3-year period at 10% interest and with equal payments of $10,133 due at the end of 2021, 2022, and 2023. What amount should Advance Auto record the asset account, Machine, for on the day the contract was initiated? (Round to the nearest dollar.) Select one: O O O a. $30,399 b. $27,599 c. $28,800 d. $26,400 e. $25,199 xLuke got a $10,400.00 face-value note for 250 days with a discount rate of 8.5%. A) Find the discount amount with 360-day year. B) Find the proceeds. C) Find the APR.
- Suppose you want to have $600,000 for retirement in 25 years. Your account earns 4% interest. How muc would you need to deposit in the account each month? Submit Question /course/showcalendar.php?cid=179278 SearchAn item is purchased for $2500 with a down payment of $500. There is a finance charge of $ 150 Find the monthly payment if 20 payments are made. Round the answer to the nearest cent.Mrs. Smith is buying a new refrigerator for $1899 at Sears. There is 7.25% sales tax added to her purchase. She plans to charge this to her Sears credit card, which earns 18.9% APR. She wants to pay $225 per month to the credit card. Fill in the first 2 lines of the amortization table. Month Balance Interest Amt. Applied to Principal New Balance 1 $192.92 2 $29.04 $1647.80
- Jim and Joan Miller are borrowing $120,000 at 6.5% per annum compounded monthly for 30 years to purchase a home. Their monthly payment is determined to be $758.48. Performance Task You need to present Jim and Joan with a report detailing the following: A recursive formula for their balance after each monthly payment has been made. A determination of Jim and Joan's balance after the first payment. Use a spreadsheet or graphing utility to create a table showing their balance after each monthly payment. Determine when the balance will be below $75,000. Determine when the balance will be paid off. Determine the interest expense when the loan is paid.Mr. Owen is buying a new washer/dryer for $2459 at Home Depot. There is 7.5% sales tax added to his purchase. He plans to charge this to his Home Depot credit card, which earns 19.5% APR. He wants to pay $245 per month to the credit card. Fill in the amortization table to calculate how long it will take to pay off the loan. Month Balance Interest Amt. Applied to Principal New Balance 1 $2441.39 2 $2441.39 3 $36.34 $208.66 $2027.40 4 $2027.40 $32.95 $212.05 $1815.35 8 $226.18 $932.11 $231.29 $3.76 ----Use the appropriate formula located on Illustration 10-1 on page 209 to solve the problem. At the end of every 3 months, Teresa deposits $1500 into an account that pays 6% compounded quarterly for 4 years. A) When this certificate matures, how much will Teresa have accumulated B) How much interest did Teresa earn? Show the use of the appropriate formulas for each part by indicating the evaluation of the formula with the information and provide the answer. Be sure to label the parts using the provided letters and organize your work neatly.
