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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- 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 $).please answer with correct calculations and explanations. QUESTION: Kari is purchasing a home for $220,000. The down payment is 25% and the balance will be financed with a year mortgage at 8% and 4 discount points. Kari made a deposit of $30,000 (applied to the doen payment) when the sales contract was signed. Kari also has three expenses: credit report, $70; appraisal fee, $110; title insurance premium, 1% of amount financed; title search, $200; and attorney's fees, $500. Find the closing costs (in $).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.
- 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 centDon James purchased a new automobile for $14,000. Don made a cash down payment of $3,500 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. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required:Calculate the amount of the required monthly payment. (Do not round intermediate calculations. Round your final answer to nearest whole dollar amount.)Peggy made a down payment of $400 toward the purchase of new furniture. To pay the balance of the purchase price, she has secured a loan from her bank at 6%/year compounded monthly. Under the terms of her finance agreement, she is required to make payments of $75.32 at the end of each month for 24 months. What was the purchase price of the furniture
- Pittman 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. $
- 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 RevenueLuke borrows $200 000 from a bank to set up a medical practice. He agrees to pay a fixed interest rate of 18.48% per year (calculated monthly) and to repay by equal monthly instalments over 10 years. Calculate the monthly payment and breakdown the first two payments into interest and principal components. Also, how does the last payment breakdown? Please show work/Formulas usedDoug Black bought a jet ski with a 6% add-on interest installment loan from his credit union. The purchase price was $1,950. The credit union required a 15% down payment and equal monthly payments for 48 months. What are Doug's monthly payments (in $)? (Round your answer to the nearest cent.) $