For the car loan described, give the following information.A car dealer will sell you a used car for $6,698 with $798 down and payments of $161.51 per month for 48 months.(a) amount to be paid$(b) amount of interest$(c) interest rate (Round your answer to two decimal places.)(d) APR (rounded to the nearest tenth of a percent)%Need Help?Read It

For the car loan described, give the following information. A car dealer will sell you a used car for $6,698 with $798 down and payments of $161.51 per month for 48 months. (a) amount to be paid 2$ (b) amount of interest 2$ (c) interest rate (Round your answer to two decimal places.) % (d) APR (rounded to the nearest tenth of a percent) Need Help? Read It

For the car loan described, give the following information. A car dealer will sell you a used car for $6,698 with $798 down and payments of $161.51 per month for 48 months. (a) amount to be paid 2$ (b) amount of interest 2$ (c) interest rate (Round your answer to two decimal places.) % (d) APR (rounded to the nearest tenth of a percent) Need Help? Read It

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 12EA: Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank...

See similar textbooks

Similar questions

Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from the bank in the amount of $310,000. The terms of the loan are 6.5% annual interest rate, payable in three months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on February 24, and the entry for payment of the short-term note and final interest payment on April 24. Round to the nearest cent if required.
A car dealership sells a car to a customer for $35,000. The customer makes a 10% down payment, and the dealership finances the remaining 90% in-house. How much will the car dealership record in Accounts Receivable for this customer? A. $31,500 B. $19,250 C. $8,750 D. $7,000
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
For the car loan described, give the following information. A car dealer will sell you a used car for $6,598 with $798 down and payments of $167.51 per month for 48 months. amount to be paid$ ? amount of interest$ ?Interest rate (Round your answer to two decimal places.) % ?APR (rounded to the nearest tenth of a percent) % ?
For the car loan described, give the following information. A car dealer will sell you the $30,150 car of your dreams for $6,000 down and payments of $663.06 per month for 60 months. (a) amount to be paid$ (b) amount of interest$ (c) interest rate (Round your answer to two decimal places.) %(d) APR (rounded to the nearest tenth of a percent) %
For the car loan described, give the following information. A car dealer will sell you the $30,950 car of your dreams for $6,000 down and payments of $667.06 per month for 60 months. (c) interest rate (Round your answer to two decimal places.) (d) APR (rounded to the nearest tenth of a percent)
A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $1, 100 per month for the next three years and then $2, 200 per month for two years after that. If the bank is charging customers 7.75 percent APR, how much would it be willing to lend the business owner? (Do not round intermediate calculations and round your final answer to 2 decimal places.)
For the car loan described, give the following information. A newspaper advertisement offers a $9,000 car for nothing down and 36 easy monthly payments of $287.50. (a) amount to be paid$ (b) amount of interest$ (c) interest rate %(d) APR (rounded to the nearest tenth of a percent) %
I need help with answering question B: A car loan offered by Bank One requires quarterly payments and has an APR of 4.8 percent, whereas a the same loan amount may be obtained from Bank Two at an APR of 5 percent with monthly payments. Which loan would you choose and why?
A washer-dryer combination can be purchased from a department store by making monthly credit card payments of $56.86 for two-and-a-halfyears. The first payment is due on the date of sale and interest is 22% compounded monthly. (a) What is the purchase price? (b) How much will be paid in installments? (c) How much is the cost of financing? (d) If an additional $9.00 per month is added to cover a service contract, what is the value of the entire contract on the date of sale?
A car dealer will sell you a used car for $6,998 with $798 down and payments of $164.51 per month for 48 months. what is the interest rate (rounded to two decimal places) and the APR (rounded to the nearest tenth of a percent).
A customer bought a used car for $24,650. The customer’s down payment was $6,000 and the repayment will be $414 per month, for 48 months. What are the following: (Show your calculations) a) Amount financed?b) Total installment price? c) Finance charge?