Justin bought a Scion car for a price of $8,200, putting down $800 and financing the remainder with 60 monthly payments of $179.99. the APR by table lookup is ( use the table in the handbook) Practical Businness Math

Q: Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment.…

A: The monthly payment on a loan refers to the periodic payment extended by the borrower for loan…

Q: What is the finance charge (in $) on the loan? $   (b) Use Table 13-1 to find what annual percentage…

A: Finance Charge: It is the cost in relation to borrowing money or the payment of any loan…

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: Ashley bought a bracelet at original cost $19 to sell in her handicraft store. She marked the price…

A: List Price: List price refers to the price at which the manufacturer sells a product notionally.…

Q: Miguel purchased a hot tub costing $5,010 by taking out an installment loan. He made a down payment…

A: The Annual percentage rate(APR) is the percentage rate that shows the interest rate calculates on…

Q: Marcus runs a business selling reclining chairs. He buys 540 chairs for $55 each (including GST)…

A: Solution: Marcus buys 540 chairs for $55 each (including GST)                            and He…

Q: To help pay for college, Christine borrowed money from an online lending company. She took out a…

A: Amortized Loan (PV)  $57,000.00 Interest Rate (Rate) 5.65% Time Period (Years) 10

Q: Samir purchased a car for $40,000. He made a down payment of $16,000 and paid $757.60 monthly for 3…

A: PV = 40,000 - 16,000 = 24,000 FV = 0 N = 36 PMT = -757.60 use rate function in Excel monthly rate =…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Amount of loan = Purchase cost - Down payment = $5,030 - $1300 = $3730

Q: For each of the following annuities, find the best matching description (given that each answer…

A: Contingent annuity: An annuity paid over a variable number of periods is known as a contingent…

Q: I earn $50,000 per year, which is called my “gross income." But I only take home $39,500 each year,…

A: Introduction:- Income is the monetary value of an entity's consumption and saving opportunities…

Q: For each of the following annuities, find the best matching description (given that each answer…

A: An annuity refers to a stream of equal cash flows that occur at regular intervals. There are…

Q: 1. Maggie purchased a condominium at Sunset Meadows. She pays $3,246.00 in property taxes each year.…

A: Property taxes are taxes levied by local governments on real property, which includes land and any…

Q: Meghan Pease purchased a small sailboat for $8,350. She made a down payment of $1,700 and financed…

A: Cost of sailboat = $8,350Down payment = $1,700Monthly payment = $237.38Number of period = 36 months

Q: Determine the amount of the Earned Income Credit in each of the following cases. Assume that the…

A: The earned income tax credit (EITC) — sometimes shortened to "earned income credit" — is a tax break…

Q: Helen needed $5500 to start a web page design company and signed a 210-day note with a face value of…

A: Notes are considered as negotiable instruments.that can be issued to get credit for some time.it is…

Q: Finn loses control and skids on ice, running into a parked car and causing $3,635 damage to the…

A: A personal auto policy (PAP) is an insurance policy that provides coverage for individuals and their…

Q: Miguel purchased a hot tub costing $5,030 by taking out an installment loan. He made a down payment…

A: Loans are paid back in fixed periodic payments.   The amount of the periodic payments depends on the…

Q: .Susanna runs a hat shop in Melbourne, VIC. During the FY20, she bought 300 hats for $99 each (incl…

A: GST Payable = Output Tax - Input Tax

Q: isham purchased a Washing machine priced at RO 380. He paid 45 RO down and will make 15 payments at…

A: Financed Amount = Price - Down Payment

Q: n Searcy buys a condominium for $96,200. He makes a 5% down payment, and pays these closing costs:…

A: Down payment is the amount to be paid by the buyer of the home that is cash money out of pocket of…

Q: Erica has just purchased a new personality from I Spy a New You, LLC for $1250. She put exactly 25%…

A: The monthly payment is the amount that is paid by the borrower to the lender for amortize the loan…

Q: 2. Riley's financial advisor believes that she should spend no more than 24% of her gross monthly…

A: Annual salary of employees means how much employee earns in an year. Salary will be received monthly…

Q: a) What is the finance charge (in $) on the loan? $ 1,559.68 Incorrect: Your answer is incorrect.…

A: Interest refers to the cost of money borrowed from a lender. It can be simple or compound. It is…

Q: Mark Ogara rented a truck from Avis Rent-A-Car for the weekend (2 days). The base rental price was…

A: Amount owed will be calculated as follows:-Amount owed  = total base rental price + Extra charges…

Q: Determine the amount of the

A: Note 1]  The earned income tax credit (EITC) — sometimes shortened to "earned income credit" — is a…

Q: How is income defined by the IRC? For example, suppose you decided to hold a garage sale one fine…

A: IRC or the Internal Revenue Code is a statutory tax law in the united states for domestic income.…

Q: Kimberly Jensen of Storm Lake, Iowa, wants to buy some living room furniture for her new apartment.…

A: The monthly payment on a loan refers to the periodic payment extended by the borrower for loan…

Q: At the end of every 3 months, Teresa deposits $1500 into an account that pays 6% compounded…

A: Interest on the loan measured on the basis of both the original principal and interest earned from…