Arrowood's Camera Store advertises a Canon Power Shot 3.34-megapixel camera for $300, including taxes. If you finance the purchase of this camera for 1 year at an annual percentage rate of 4.7%, find the monthly payment. (Round your answer to the nearest cent.)

Q: annual percentage rate

A: This is a APR or annual percentage rate problem that is expresses in terms of percentage. The…

Q: Lamar plans to buy a used truck that costs $20,000. The dealer requires a 20% down payment. The rest…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

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: What monthly payment will be required for the individual to make if the car is financed over a…

A: Compound interest is the amount of interest paid on interest which will grow the interest on loans…

Q: You need a $6000 loan to buy a used car.  Your bank offers a 4-year loan at 9% APR. Calculate your…

A: We have to use the following formula of the monthly payment by using the following formula: Monthly…

Q: Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,100. Her…

A: Introduction: Installment: Its a method of payment paying monthly , semi annually , annually etc.

Q: We have offered to contribute $6,200 at the time of your purchase. The car plan to buy will cost…

A: Annuity means a series of finite number of payments which are the same in size and occur in the same…

Q: Troy Juth wants to purchase new dive equipment for Underwater Connection, his retail store in…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: Calculate the monthly payment for each option given: You are purchasing a car at a price of $21,101.…

A: First Option: Price of car = $21,101 Rebate = $1000 Thus, final value = $20,101 Rate = 6% Time…

Q: Cooley Landscaping needs to borrow $25000 for a new front-end dirt loader. The bank is willing to…

A: For Annual Payments,Rate of interestAnnual (r) = 8% or 0.08Number of Period  = 6  = $5407.88(Using a…

Q: You buy a new car for $22,222.  You must also pay tax and license fees of $1,570.  You borrow…

A: A sum borrowed to meet a specific expense or any goal is regarded as a loan. The lender generally…

Q: Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker…

A: Here,ParticularsValuesPurchase price of car $ 36,350.00Rebates $ 4,200.00Number of…

Q: You decide that you can spend 600 as a monthly payment for a new car. Your bank offers car loans at…

A: The amount that can be borrowed should equal the present value of future payments. This is based on…

Q: You want to buy a $12,000 car. The company is offering a 3.9% annual interest rate, compounded…

A: Monthly interest rate = Annual interest rate/Frequency of compounding in a year = 0.039/12 = 0.00325…

Q: The present value price of a car you would like to purchase today is $17,990. . You are approved…

A: Ordinary annuity are the payments which are made at the end of the period.

Q: To buy a $6484 refrigerator a store offers 3% add on rate for 3 years. There is also a 17% sales tax…

A: Interest or finance charge is an additional payment which charge on total price. When person unable…

Q: AMG Services offers to lend Scott Tucker $5,250 which he needs to repair his sports car.  AMG’s loan…

A: This question is related to the repayment schedule. Here a loan of $ 5250 at the annual 14.60%…

Q: You wish to buy a car at a cost of $45,000. Ford Credit will finance the car at 3.9%/year over 48…

A: The two proposals can be made indifferent if their present worth will be same after offering the…

Q: Denzel needs a new car. At the dealership, he finds the car that he likes. The dealership gives him…

A:

Q: Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker…

A: A loan refers to an agreement where money is given by one party to the other party on the promise of…

Q: A photographer wants to buy an Olympus OM-D E-M1 Mark II camera for $1,530. The retailer is offering…

A: Loan installment is that which is paid by borrower to lender for a specified period of time. This…

Q: The car dealership is offering to sell you the 2014 Corvette with only minor axle damage for $308…

A: Present value is an estimate of the present value of future cash values ​​that may be received at a…

Q: You are financing a car worth $26194.15 with tax included. Interest rates are 11.9% compounded…

A: A finance charge on a loan refers to the total amount of money a borrower has to pay in addition to…

Q: fter deciding to buy a new car, you can either lease the car or purchase it on a three- ear loan.…

A: Lease is a way to get the asset for a fixed time period by paying periodicals payments to other…

Q: You are considering the purchase of a $54,000 Ford F-150 Raptor. If you are financing the truck for…

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

Q: What is the equivalent cash price

A: We can determine the cash price using the PV of ordinary annuity formula as below.Present Value =…

Q: Bowflex’s television ads say you can get a Treadclimber that sells for $12,000 for 5 annual payments…

A: Present Value = pv = $12,000Number of Payment = nper = 5Payment = pmt = $3000

Q: Assume the car can be purchased for 0% down for 60 months (in lieu of rebate). A car with a sticker…

A: INTRODUCTION: The term "annual percentage rate" (APR) describes the annual interest that is produced…

Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.