Answered: You purchase a backpack for $24.95, a…

You purchase a backpack for $24.95, a calculator for $34.55, and a notebook for $1.50. If the sales tax rate is 12%, how much will you pay in total including tax?

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

See similar textbooks

Related questions

Q: A gold and diamond bracelet sells for $1400. Find the sales tax and the total price if the sales tax…

A: A tax charged on the sales of an entity is referred to as sales tax. It is determined based on a…

Q: You are financing a car worth $29509.88 with tax included. Interest rates are 7.6% compounded daily.…

A: Solution:- When an amount is borrowed, it can either be repaid as a lump sum payment or in…

Q: You want to bought a car for $8,000. You have monthly wage is $1,800 of which $600 will be saved for…

A: The term "annuity" refers to a contract created and offered by financial institutions with the goal…

Q: Kumi Ltd permits its customers to pay with a credit card or to receive a percentage discount ? for…

A: Given:

Q: (please correct answer this finanas question) The bike you have been saving for is discounted 20%…

A: Discounted Price = Original Price * (100%- Discount %) = $575*(100%-20%)…

Q: You have a job offer of $51,600. You are paid semi-monthly, and you want to buy health insurance…

A: After all deductions and withholdings from an employee's gross pay have been taken out, the…

Q: A Hummer H3 sells for $60,356.40 tax included. GMAC lends money at the rate of 4% APR. If you buy…

A: When we buy a large ticket item like car we usually take a loan to finance this purchase. The loan…

Q: You are looking to buy a car and can afford to pay $210 per month. If the interest rate on a car…

A: Loan amount refers to an amount that is being borrowed by the borrower from the lender at a…

Q: You purchase a riding lawnmower for $1484, including sales tax. You pay 15% dow and agree to pay the…

A: From the given information, Purchase Price = $ 1484 Downpayment = 15 % of 1484 = $ 222.6 Finance…

Q: we have the following components for an automobile loan: Purchase price: $18,900; sales tax: 6.5%;…

A: In accounting, for any asset the asset’s cost is not just the purchase price of the asset. The cost…

Q: A used car can be purchased for $15,200 with monthly payments spread over 4 years, the person has…

A: We need to find the total installment cost of the loan.

Q: if i have a pair of shoes and they cost $29.95 and the markup is 20% and the tax is 2% what is my…

A: Selling price: Selling price is calculated by summing up the product cost per unit and the per…

Q: if grouper selld the toster ovens for $16 each, how many units will it have to sell to make profit…

A: In order to determine the number of units that Grouper must sell in order to achieve a profit of…

Q: You negotiate a car price to $22,000. You must add sales tax to the purchase of 10.25% (this varies…

A: Note: The amount of the total purchase price of the car is misprinted as 524,255, correct price…

Q: suppose that you decide to borrow $15,000 for a new car. you can select one of the following loans,…

A: a.Loan ALoan Amount (pv) = $15,000Interest Rate (rate) = 5.9%Time Period = 3 YearsNumber of Payments…

Q: A phone company offers an Android phone for P47,000. The sales tax is 12% of the purchase price.…

Q: What is the amount of sales tax to collect at the time of sale: Record the Transaction for the Sale…

A: Sales tax = Sale value * sales tax rate = $80,000 * 7.25% = $5,800

Q: You are still debating about the two different computers. If you are paid $10.00/hour and your…

A: Payroll deductions are the amount of wages that are taken from an employee's total earnings in order…

Q: Suppose that you decide to buy a car for $57,000, including taxes and license fees. You saved…

A: PMT = (P(r/n)) / (1-(1+(r/n))-nt) Where PMT = Monthly payment P = Principal Amount r = Annual rate…

Q: You negotiate a car price to $22,000. You must add sales tax to the purchase of 10.25% (this varies…

A: Adjusted capitalized cost is calculated by adding taxes and deducting old asset exchanged and…

Q: You want to save $20,000 to purchase a new car. You place $700 a month in a special savings account…

A: Calculation of number of periods: Answer: It will take 26.77 years to save an amount of $20,000

Q: the sales tax on a ratio set is 30 pesos and 10 cents. find the cost of the ratio set if the tax…

A: The sales tax seems to be the type of indirect tax which is levied on the sale of goods at the…

Q: A regional furniture company is offering either a discount equal to twice the state sales tax or…

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Suppose that you decide to buy a car for $57,000, including taxes and license down payment. The…

A: It is given that, the price of the car is $57,000 and the down payment is $10,000.So, the loan…

Q: u are financing a car worth $74506.94 with tax included. Interest rates are 13.6% compounded daily.…

A: Loans are paid by equal monthly payments that carry the payment for interest and payment for loan…

Q: A consumer buys a used car $15500 with monthly payments of $340, an annual interest rate of 4.6%.…

A: The concept of time value of money will be used and applied here. When we take a loan or a mortgage…

Q: How much would you need to pay up front for a car that sells for $13,000, with 7% sales tax, a…

A: Down Payment = $2,600 License and registration fee = $78 Insurance premium = $99 Sales Tax = 7% x…

Q: a. How many minimum payments will you need to make to pay off your purchases, assuming you cut up…

A: Credit card provides a maximum limit of credit that the person can withdraw from the bank and pay…

Q: Pick a discretionary expense that you incur on a regular basis, such as buying premium coffees…

A: Amount of the present cash flows when multiplied by the given interest rate (taking time value of…

Q: My tuition is $5,050.00 i want to pay $3,400.00 what is the % discount that i am asking for?

A: A discount has been provided when a good or service's price is lowered and it is sold. The term…

Q: You negotiate a car price to $ 25, 000 You must add sales tax to the purchase of 9.50%which gives…

A: As per IFRS 16 PROPERTY PLANT AND EQUIPMENT Cost of PPE consists of purchase price and purchase…

Q: You bought a car and will pay back $378 per month for 48 months. If the rate is 3.46%, how much did…

A: The amount borrowed is calculated using the Present Value of Annuity formula.

Q: Suppose you want to save in order to purchase a new car. Take the APR to be 3.6%. If you deposit…

A: Future value of annuity The future value of annuity refers to the total value of the investment at…

Q: You wish to buy your first home. Your annual gross income is $84,000. You also have monthly payments…

A: Mortgage loans are given on the basis of monthly income and other expenses related to the housing…

Q: Explain Value added Tax (VAT), using an illustrative numerical example of your own. (Use 5% for VAT…

A: Value added tax (VAT) is tax is an indirect tax which is leviable on goods. VAT is taxed at each…

Q: pose you are in a hurry to get your income refund. if you mail your tax return, you’ll receive your…

A: The interest are paid in the form of discount to the original amount but overall effective rate is…

Q: uy a truck for $25,200. You must also pay tax and license fees of $1,700. You borrow $23,000 at 9%…

A: Vehicles are purchased on the basis of monthly payments and these monthly payments carry the payment…

Q: The back of the book says the answer should be $7,413. Do you know what there would be a…

A: As per the given information: EOYCash flow0-$30,0001$6,0002$13,5003$X4$13,500 MARR - 12% per year To…

Q: Suppose that you decide to buy a car for $60,000, including taxes and license fees. You saved…

A: Loans are paid by the monthly payments and these monthly payments carry the payment for interest and…

Q: Installing a solar panel system on your roof comes with a total upfront cost of $18,000 after all…

Q: How much is the fee if you need to borrow $400,000 for one year with $475,000 line credit, where any…

A: The fee for unused credit is calculated as the unused credit multiplied by the charge for unutilized…

Q: TAX SAVINGS. You pay $3000 per month on your mortgage. How much additional tax savings will you…

A: Solution: Additional tax savings means the savings in tax amount due to an expense. We know,…

Q: Jason is looking at a new car priced at $21,599, which includes 6.75% sales tax. How much was the…

A: The sales tax is calculated on the taxable value. The invoice price is calculated as sum of taxable…

Question

You purchase a backpack for $24.95, a calculator for $34.55, and a notebook for $1.50. If the sales tax rate is 12%, how much will you pay in total including tax?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1: Given Value

VIEW

Step 2: Calculation

VIEW

Solution

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Suppose that you decide to buy a car for $63,000, including taxes and license fees. You saved $12,000 for a down payment. The dealer is offering you a choice between two incentives. Incentive A is $6000 off the price of the car, followed by a five-year loan at 7.72%. Incentive B does not have a cash rebate, but provides free financing (no interest) over five years. What is the difference in monthly payments between the two offers? Which incentive is the better deal? Use PMT= The difference in monthly payments between the two offers is $ (Round to the nearest cent as needed.) Which incentive is the better deal? Choose the correct answer below. A. Incentive A is the better deal. B. Incentive B is the better deal. PA n nt 1 - ( 1₁ + -/-) - ² n
You are financing a car worth $26194.15 with tax included. Interest rates are 11.9% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $1274, Calculate the finance charge (interest charged on purchase). Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 1564.23 (Hint: Take the down payment off the total worth of the car including tax; this is your PVn. Then, find the monthly payment by hand using the ordinary general annuity formuls or use the TVM salver, You will need an interest conversion if you do this question by hand or Excel because we have daily interest but monthly payments, you will need a monthly periodic interest rate. Then find the total value of ALL your monthly payments (e. g., PMT x Total Number of Monthly Payments) and add this to your down payment; subtract the purchase price including tax of the car from this figure-the difference is the interest you'll…
how did you get the $239.50?
Suppose you bought a digital camera for a total purchase price of $276.99. If state taxes were 6.2%, what was the amount of the sales tax?
You are buying a car for $16,995; you are going to put down $6,500; balance to finance: $10,495 in 84 payments at 3.95% APR. Calculate how much you will ultimately pay for the unit?
2.53. You have bought a car. The car dealer offers two payment plans: (A) Make 48 monthly payments of $130 each, or (B) Make 36 payments of $165 each. If the time value of money is 12% per year, which plan is cheaper for you?
You are looking to buy a car that costs $30,000. Your payment is $400/month for 60 months. If you want to know your interest rate on this loan, you can use Excel. Excel returns a RATE of 0.70%. What is your APR? 8.45% 2.75% 3.24% 0.70%
Suppose you purchase an automobile for a selling price of $1,600,000. You make a down payment of 5% of the selling price and finance the remaining balance for 4 years at an annual interest rate of 5%. The sales tax is 7.5% of the selling price, and the license fee is 0.8% of the selling price. Find the monthly payment.
If your buying a car from a car dealership for $80,000 & the car dealership is giving you $19,000 for the trade, $495 Pre-Delivery fee, Tax Title License comes out to around $4,322.19, and payoff of $18,500 you would come to a out the door (financed) $83,974. Can you explain how he got those numbers in detail? And how much is Tax, Title, and License? If Sales Tax: 6.25%
3. How much, including taxes of 12%, would you pay for an item with a retail price of $194.95?
You are financing a car worth $27594.57 including tax. The interest rate is 5.19% compounded daily. Payments are monthly and made at the end of the month. You will own the car in 5 years. You have a down payment of $4551. Calculate the total amount paid for the car if purchased and financed with monthly payments for the length of your financing loan. (Purchase price = down payment + total of all payments made) Round your answer to two decimal places. Do not enter the dollar sign. Sample input: 24562.23
how much do you need if i have $40,000 in my bank and the bank pays 5.3% annual interest if i need $170,000 to buy a house?

Recommended textbooks for you

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

Essentials Of Investments

Finance

ISBN:

9781260013924

Author:

Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:

Mcgraw-hill Education,

FUNDAMENTALS OF CORPORATE FINANCE

Finance

ISBN:

9781260013962

Author:

BREALEY

Publisher:

RENT MCG

Financial Management: Theory & Practice

Finance

ISBN:

9781337909730

Author:

Brigham

Publisher:

Cengage

Foundations Of Finance

Finance

ISBN:

9780134897264

Author:

KEOWN, Arthur J., Martin, John D., PETTY, J. William

Publisher:

Pearson,

Fundamentals of Financial Management (MindTap Cou…

Finance

ISBN:

9781337395250

Author:

Eugene F. Brigham, Joel F. Houston

Publisher:

Cengage Learning

Corporate Finance (The Mcgraw-hill/Irwin Series i…

Finance

ISBN:

9780077861759

Author:

Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS