You have decided to buy a car. The car cost RM 50 po0 . You are taking a loan from a bankwith the interest rate is 3%. The number of years to pay back the loan is 5 years. And you aredecided to pay 10% down payment for the cara) You decide to borrow money from your parents for down payment without interest.Decide on your down payment, the amount you want to borrow and when you wantpay your parents.Draw up a promissory for the down payment you obtain from your parents.

Down payment is the payment of money which are required at the time of making any purchases like the…

Answered: You decide to borrow money from your…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

What can you do if you cannot pay your credit bills?
Is this information correct in how to set up an RRSP
How did you get the refund
What are the four common components of the payment a typical buyer makes to the bank for a house they have purchased with a loan? Briefly describe each component.
Imagine that a friend tells you that you should not rush to pay off your mortgage early because you will lose out on the interest tax deductions you are getting. Discuss the role of amortization of mortgages in your analysis of the issue.
19) STUDENT LOANS. You graduated from college a year ago and forgot to pay your student loans. a Federal student loan, and another is a private loan. What do you do, how do you fix it?
is a short term loan against your credit card. Instead of using the credit card to make purchases or pay for a service, you bring it to the bank or ATM and receive cash to be used for whatever purpose you need.
Tannin Products Inc. prepared the following factory overhead cost budget for the Trim Department for July of the current year, during which it expected to use 14,000 hours for production: Variable overhead cost: Indirect factory labor $44,800 Power and light 10,360 Indirect materials 21,000 Total variable overhead cost $ 76,160 Fixed overhead cost: Supervisory salaries $54,380 Depreciation of plant and equipment 14,310 Insurance and property taxes 26,710 Total fixed overhead cost 95,400 Total factory overhead cost $171,560 Tannin has available 18,000 hours of monthly productive capacity in the Trim Department under normal business conditions. During July, the Trim Department actually used 13,000 hours for production. The actual fixed costs were as budgeted. The actual variable overhead for July was as follows: Actual variable factory overhead cost: Indirect factory labor $40,560…
Establish a credit history. After graduating from college last fall, Holly Baker took a job as a consumer credit analyst at a local bank. From her work reviewing credit applications, she realizes that she should begin establishing her own credit history. Describe for Holly several steps that she could take to begin building a strong credit record. Does the fact that she took out a student loan for her college education help or hurt her credit record?
If after sometime, I haven't paid yet my accounts payable to you, and you don't expect that I can pay you, you will recognize an expense called bad debt expense. Is this either true or false? please explain thanks.
Which of the following is not use to assess whether credit should be extended to a household? a. The amount of income earned. b. The amount of debt outstanding. c. The history of timely repayments of debt owed. d. Whether the loan is secured by an asset. e. All of the above are used to assess credit.
What is a credit score? O The number of credit cards a person has. O The number of years a person has had credit. O The number representing how likely you are to pay back your debts. O None of the above.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

You decide to borrow money from your parents for down payment without interest. Decide on your down payment, the amount you want to borrow and when you want pay your parents. Draw up a promissory for the down payment you obtain from your parents.