a man purchased a car with a cash price of 350,000.00 He was able to negotiate with the seller to allow him to pay only a down payment of 20% and the balance payable in equal 48 end of the month. On the day he paid the 20th installement, he decided to pay the remaining balance. How much is the monthly payment? what is the remaining balance that he paid?

Q: A Seller accepts her offer on her home for 60,000. At the time of the offer, a 2,000 earnest money…

A: Check: Check is used for payments related to purchasing assets, paying expenses, and liabilities.…

Q: Your roommate paid your half of the rent this month. Your half of the rent is $500 and you told her…

A: APR is the the annual percentage rate and that is the rate without compounding and is nominal rate.

Q: Jie purchased a computer priced at $1316.21, financing it by paying $60.16 on the date of purchase,…

A: A loan refers to a contract between a lender and a borrower where money is forwarded by the lender…

Q: calculate the APR on the loan. round to two decimal places

A: Purchase price2300Down payment600Loan amount1700No.of payments48Payment Amount42.5Monthly…

Q: evin bought a washer and dryer for $1050 but only had a down payment of $150.00. He financed the…

A: In add on method we simply add interest for given period and add to that with principal amount.

Q: A young executive is going to purchase a vacation property for investment purposes. She needs to…

A: Present value = pv =$84,000 Total Installments =28*12 = 336 months Interest rate = r = 5.7/12 =…

Q: A young executive is going to purchase a vacation property for investment purposes. She needs to…

A: Present value = pv =$126000Total Installments =29*12 = 348 monthsInterest rate = r = 5.3/12 =…

Q: A refrigerator sold for $500. The store financed the refrigerator by charging 0.5% monthly interest…

A: Given information:Selling price of refrigerator=$500Interest rate=0.5%No. of installments=30a)…

Q: A new employee charged $6740 on his credit card to relocate for his first job. After noticing that…

A: Monthly payments refer to the amount that is paid every month for the repayment of the loan amount…

Q: Steven is beginning a new job but has not yet been paid. He needs $700 to pay his rent this month.…

A: Effective Annual Interest Rate (EAR), also known as the annual equivalent rate (AER) or annual…

Q: I need help working out this problem. Please explain in detail.   Polly Flin borrowed $5,000 for 60…

A: The question is based on the concept of simple interest calculation and adjustment in principle by…

Q: n April 1, Year 1, a new customer purchased a piece of equipment from Thomas Tech Center by paying…

A: These are the accounting transactions that are having a monetary impact on the financial statement…

Q: While buying a new car, Austin made a down payment of $1,000.00 and agreed to make month-end…

A: Present value is the estimation of the current value of future cash value which is likely to be…

Q: M purchased a small lot in a subdivision, paying P200,000 down and promising to pay P15.000 every 3…

A: r = 12%/4 = 3% t = 10 years*4 = 40 Quarterly payments = P15,000 Loan value = 1-1+r-tr×Quarterly…

Q: The purchaser of a car paid $10,000 cash and agreed to pay $3000 at the end of 6 months for 10…

A: Calculate the future value of the annuities (PMT) that are not paid till the end of 3rd Year.…

Q: Able Long buys a new desk for $2,400. Able will pay back $250 per month. Monthly interest is 3% on…

A: Under U.S. Rule the unpaid accrued interest is accumulated separately &  first adjusted if any…