Don James purchased a new automobile for $12,000. Don made a cash down payment of $3,000 and agreed to pay the remaining balance in 30 monthly installments, beginning one month from the date of purchase. Financing is available at a 24% annual interest rate. Calculate the amount of the required monthly payment.
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- Tim Houston purchased a wall unit for $2300. He made a $600 down payment and financed the balance with an installment loan for 48 months. If Tims payments are $42.50 per month calculate the APR on the loan. round to two decimal placesThe EZ Credit Company offers to loan a college student $6,000 for school expenses. Repayment of the loan will be in monthly installments of $304.07 for 24 months. The total repayment of money is $7,297.68, which includes the original $6,000, $1,207.04 in interest charges, and $90.64 for a required life insurance policy covering the amount of the loan. Assume monthly compounding of interest. What nominal interest rate is being charged on this loan?K Jie purchased a computer priced at $1316.21, financing it by paying $60.16 on the date of purchase, and signing a contract to pay equal monthly payments over the next seventeen months. If the terms of the contract state that interest is calculated at 9.4% compounded monthly, how much does Jie have to pay at the end of each month? ... Jie must make payments of $ (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.) 2
- The interest on the note for the Ricoh Color Copier will be paid every six months. Record the December accrued interest on the note payable for the Ricoh purchased on December 1. December 3: Byte purchased a Ricoh Color Copier for $4,700.00. The invoice number was 61298. Byte paid 10% in cash and signed a three-year note for the remaining balance. Interest at a rate of 6% a year will be paid semiannually.Wyatt signs a note for a discounted loan agreeing to pay $4,100 in 6 months at a discount rate of 13%. Determine the amount of the discount and the proceeds to Wyatt.Discount = $ Proceeds = $On January 1, 20X1, Bouncy House, Inc. obtains a $50,000, 6 year, 8% installment note for the latest and greatest bouncy house. Bouncy House is required to make annual payments. The first payment occurs on December 31, 20X1. а. Calculate your annual payment amount. b. Create the loan amortization schedule (table). Record the first three journal entries. d. How much total interest does Bouncy House pay on this installment note? С.
- Smith borrows 21,500 to purchase a new car. The car dealer finances the purchase with a loan that will require level monthly payments at the end of each month for 4 years, starting at the end of the month in which the car is purchased (assume the car is purchased on the 1st of the month). The loan has 0% interst rate for the first year followed by 7% annual nominal interest rate, compounded monthly, for the following three years. Find the outstanding balance on the loan at the end of the first year.Casey secured a 5-year car loan at 6.20% compounded annually that required him to make payments of $884.96 at the beginning of each month. Calculate the cost of the car if he made a downpayment of $3,250. Round to the nearest centPittman Corporation purchased a building by signing a $75,000 long-term mortgage with monthly payments of $1,000. The mortgage carries an interest rate of 12 percent. 1. Prepare a monthly payment schedule showing the monthly payment, the interest for the month, the reduction in debt, and the unpaid balance for the first three months. (Round to the nearest dollar.) 2. Prepare the journal entries to record the purchase and the first two monthly payments.
- Kavra Corporation purchased a building by signing a $150,000 long-term mortgage with monthly payments of $2,000. The mortgage carries an interest rate of 12 percent. 1. Prepare a monthly payment schedule showing the monthly payment, the interest for the month, the reduction in debt, and the unpaid balance for the first three months. (Round to the nearest dollar.)2. Prepare the journal entries to record the purchase and the first two monthly payments.Doug Black bought a jet ski with a 7% add-on interest installment loan from his credit union. The purchase price was $1,550. The credit union required a 20% down payment and equal monthly payments for 51 months. What are Doug's monthly payments? Round your answer to the nearest cent. Do not round intermediate calculations. $The Strug Company purchased office furniture and equipment for $8,600 and agreed to pay for the purchase by making five annual installment payments beginning one year from today. The installment payments include interest at 8%. What is the required annual installment payment? Note: Use tables, Excel, or a financial calculator (EV of $1. PV of $1, EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1) Multiple Choice $1,994 $1720 $1,466 $2.154