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 placesTim Huston purchased a wall unit for $2,200. He made a $600.00 down payment and financed the balance with an installment loan for 48 months. If Tim’s payments are $42.59 per month, use the APR formula to calculate what annual percentage rate he is paying on the loan. (Round your answer to two decimal places)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
- Anny takes out an installment loan to finance the purchase of a pickup truck costing $14,900. Her loan requires a 25% down payment and equal monthly payments of $283.00 for 60 months. Calculate the total deferred payment price (in $).Juan purchased a new automobile for $27,000. Juan made a cash down payment of $6,750 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. Required: Calculate the amount of the required monthly payment. Note: Use tables, Excel, or a financial calculator. Round your final answer to nearest whole dollar amount. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) I need to know which table is it that I use for this problemThe 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.
- Karolyn takes out an installment loan to finance the purchase of a violin costing $18,750. Her loan requires a 10.625% down payment and equal monthly payments of $365 for 48 months. Calculate the total deferred payment price.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.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. $
- Sunshine Service Center received a 120-day, 6% note for $40,000, dated April 12 from a customer on account. Assume 360 days per year. a. Determine the due date of the note. b. Determine the maturity value of the note. When required, round your answers to the nearest dollar.$fill in the blank df5724f79f8d02f_2 c. Journalize the entry to record the receipt of the payment of the note at maturity. If an amount box does not require an entry, leave it blank. Aug. 10 Cash Cash Note Receivable Note Receivable Interest Revenue Interest RevenueNeed helpAn accountant purchases a T-bill with a face value of $4,000 for $3,955. If the term of the T-bill is 115 days, what is the annual simple interest rate (in percent) earned by the client? Round to the nearest tenth of a percent. (Use 360 days in 1 year.)