Subject: Account. Craig, a used car dealer is thinking about buying a 4 year old car. He customarily sells the cars for 125% of his cost. What price should Craig pay for the car if he thinks he can resell it for $12,500?
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Subject: Account. Craig, a used car dealer is thinking about buying a 4 year old car. He customarily sells the cars for 125% of his cost. What price should Craig pay for the car if he thinks he can resell it for $12,500?
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- Walter is a used car dealer. He has the chance to buy a used car that he thinks he can resell for $6,400. If Walter needs a 30% markup on selling price, what price can he pay? View keyboard shortcutsAfter visiting several automobile dealerships, Richard selects the used car he wants. He likes its $10,000 price, but financing through the dealer is no bargain. He has $1,500 cash for a down payment, so he needs an $8,500 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $8,500 for a period of four years at an add-on interest rate of 10 percent. (a) What is the total interest on Richard's loan? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Total interest (b) What is the total cost of the car? (Do not round intermediate calculations. Round your answer to the nearest whole number.) Total cost (c) What is the monthly payment? (Do not round intermediate calculations. Round your answer to the nearest whole…For his birthday, Michael choose to have a brand new car instead of debut party. His father brought her brand new car worth $980,000.00 in cash. The car dealer gave a discount of $40,000.00. How much commission will the sales agent receive if he has given a commission rate of 2%?
- After visiting several automobile dealerships, Richard selects the car he wants. He likes its $15,000 price, but financing through the dealer is no bargain. He has $3,000 cash for a down payment, so he needs a loan of $12,000. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $12,000 for a period of four years at an add-on interest rate of 14 percent. a. What is the total interest on Richard's loan? Total interest b. What is the total cost of the car? Total cost c. What is the monthly payment? Monthly payment d. What is the annual percentage rate (APR)? (Enter your answer as a percent rounded to 2 decimal places.) APR %After visiting several automobile dealerships, Richard selects the car he wants. He likes its $10,500 price, but financing through the dealer is no bargain. He has $2,100 cash for a down payment, so he needs an $8,400 loan. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $8,400 for a period of two years at an add-on interest rate of 10 percent. a) What is the total interest on Richard’s loan? b) What is the total cost of the car? c) What is the monthly payment? d) What is the annual percentage rate (APR)?Joe bob wants to buy a car and will need to take out a loan in order to make the purchase. His current monthly income is 3,500 per month. His mortgage payment is 900 per month, and his student loan payment is 350 per month according to the affordability formulas given can he afford to take out another loan? when should he follow the affordability formulas? In what case should he not? how could taking out the car loan impact his other priorities? what is the affordability formula I need to use as well
- John is considering purchasing a new car from Slimy's Sports Car Emporium. The car costs $25,000, and John has a down payment of $5,000. Slimy is offering John a 5-year loan with an interest rate of 5.5% / yr compounded monthly. To encourage John to make the purchase, Slimy offers to throw in free floor mats, a lifetime car wax, and "VIN number" (vehicle identification number) window etching. The monthly loan payment is $412.02. Based on the purchase price, down payment, and interest rate, what should the loan payment be?The answer should be well explained1. Danielle wants to buy a car. She can only afford a $350 car payment. She is given a financing option from Money Financial, Inc. which will allow him to repay the loan over 4 years. The interest rate is 4.25%. Can Danielle purchase the car if the financing amount is $16,000? If not, how much can she afford to finance? DOUBLE CHECK 20,3902. Dr. Pickens wants to buy a burger chain. He currently has $35,000. He needs to have $80,000 in 5 years. He can earn 12% compounded annually. If he saves money at the beginning of the year, how much must he save per year to meet his goal? DOUBLE CHECK 45,3943. SARDY Corporation’s stock is currently valued at $50 per share. You own 2 shares of the stock. It is expected to grow by 5% per year for the next 5 years. How much will SARDY Corporation be worth in 8 years?4. Donald Draper has no money after getting canned (fired) from his job as an advertising agent. He wants to have $5,000,000 in 30 years. How much would he need to steal and invest today…
- 21 After visiting several automobile dealerships, Richard selects the car he wants. He likes its $12,000 price, but financing through the dealer is no bargain. He has $2,400 cash for a down payment, so he needs a loan of $9,600. In shopping at several banks for an installment loan, he learns that interest on most automobile loans is quoted at add-on rates. That is, during the life of the loan, interest is paid on the full amount borrowed even though a portion of the principal has been paid back. Richard borrows $9,600 for a period of five years at an add-on interest rate of 13 percent. a. What is the total interest on Richard's loan? Total interest. b, What is the total cost of the car? Total cost c. What is the monthly payment? Monthly paymentPlease answer all parts of the questionDerek decides to buy a new car. The dealership offers him a choice of paying $518.00 per month for 5 years (with the first payment due next month) or paying some $28,412.00 today. He can borrow money from his bank to buy the car. What interest rate makes him indifferent between the two options? Submit
