pls answer thanks Pina Ltd. purchased a used truck from Trans Auto Sales Inc. Pina paid a $4,500 down payment and signed a note that calls for 36payments of $1,047.00 at the end of each month. The stated rate of interest in the note is 4%. As an incentive for entering into thecontract, Trans has agreed to forgive the first two payments under the lease.Click here to view the factor table PRESENT VALUE OF 1.Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1.(a)Your answer is correct.What was the purchase price of the used truck excluding the incentive given? (For calculation purposes, use 5 decimal places asdisplayed in the factor table provided. Round final answers to 2 decimal places, e.g. 5,275.25. Round interest rate per month to 4 decimalplaces, e.g. 1.5792%.)(c)Purchase price of the used truck $eTextbook and MediaYour answer is correct.Calculate the present value of the 34 payments of $1,047.00 that will be made by Pina for payments 3 to 36 inclusive. You willneed to perform two steps.Present value $1. Calculate the present value of the 34 payments as of the end of the second month following the purchase of the used truck. (Forcalculation purposes, use 5 decimal places as displayed in the factor table provided. Round final answers to 2 decimal places, e.g. 5,275.25.Round interest rate per month to 4 decimal places, e.g. 1.5792%.)39962.7033602.21Present value $Attempts: 1 of 3 used2. Take the result from the first calculation and calculate the present value as of the date of purchase. (For calculation purposes, use5 decimal places as displayed in the factor table provided. Round final answers to 2 decimal places, e.g. 5,275.25. Round interest rate permonth to 4 decimal places, e.g. 1.5792%.)33379.43 What amount should Pina use to record the purchase of the truck? (For calculation purposes, use 5 decimal places as displayed in thefactor table provided. Round final answers to 2 decimal places, e.g. 5,275.25.)Total purchase price$

Time value of money The time value of money is a matter of study because of the fact that "the value…

Pina Ltd. purchased a used truck from Trans Auto Sales Inc. Pina paid a $4,500 down payment and signed a note that calls for 36 payments of $1,047.00 at the end of each month. The stated rate of interest in the note is 4%. As an incentive for entering into the contract, Trans has agreed to forgive the first two payments under the lease. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a)

Pina Ltd. purchased a used truck from Trans Auto Sales Inc. Pina paid a $4,500 down payment and signed a note that calls for 36 payments of $1,047.00 at the end of each month. The stated rate of interest in the note is 4%. As an incentive for entering into the contract, Trans has agreed to forgive the first two payments under the lease. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. (a)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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