For the car loan described, give the following information. A newspaper advertisement offers a $4,000 used car for nothing down and 36 easy monthly payments of $156.62. (a) amount to be paid 2$ (b) amount of interest 24 (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 newspaper advertisement offers a $4,000 used car for nothing down and 36 easy monthly payments of $156.62. (a) amount to be paid 2$ (b) amount of interest 24 (c) interest rate (Round your answer to two decimal places.) % (d) APR (rounded to the nearest tenth of a percent) %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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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.
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 newspaper advertisement offers a $9,000 car for nothing down and 36 easy monthly payments of $302.50. (a) amount to be paid$ (b) amount of interest$ (c) interest rate %(d) APR (rounded to the nearest tenth of a percent) %
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 $272.50 a) amount to be paid- $9,810 b) amount of interest - $810.12 c) Find the interest rate d) find the APR
For the car loan described, give the following information. A car dealer will sell you a used car for $6,398 with $798 down and payments of $164.51 per month for 48 months. (a) amount to be paid$ (b) amount of interest$ (c) interest rate (Round your answer to two decimal places.) %(d) APR (rounded to the nearest tenth of a percent)
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 $272.50. amount to be paid$ amount of interest$ interest rate %APR (rounded to the nearest tenth of a percent) %
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 newspaper advertisement offers a $9,000 for nothing down and 36 monthly payments of $332.50. a. amount to be paid $11,970.00 b. amount of interest $2,970.00 c. interest rate 11% d. APR (rounded to the nearest tenth percent). I tried this part of the problem and it's not 5.8 or 5.9%. It's still wrong. What is the APR?
A car dealer carries out the following calculations. What is the annual percentage rate? Lis price: $5,227.00 , Options: $1,625.00, Destination charges: $200.00 , Subtotal: $7,052.00, Tax: $431.58 Less trade in: $2,932.00, Amount to be financed: $4,691.03, 10% interest for 48 months: $1,501.63, Total: $6,192.66, Monthly payment: $129.00 Please round your answer to one decimal place(tenth place). Enter only the number without % sign.
Assume that you start with a balance of $3900 on your credit card.During the first month you charge $400. During the second month you charge $650 and make a payment of $280. Assume that your credit card charges a 29% APR and each month you make the minimum payment of 2.5% of the balance. Complete the following table. Round your answer to the nearest cent. Month 1 Previous balance- $3900 Finance charge- $94.25 Purchase- 400 Payment ?97.50 New balance? Month 2 Previous balance- finance charge- purchase- payments- New balance
A local used car dealer calculates its “4%” financing as follows. If $3600 is borrowed to be repaid over a 3-year period, the interest charge is ($3600)(0.04)(3 years) = $432. The $432 of interest is deducted from the $3600 loan and the customer has $3168 toward the cost of a car. The customer must repay the loan with 1/36 of $3600, or $100, monthly payments for 36 months. (a) What effective annual interest rate is being charged? (b) What is your view of the ethics of this loan calculation? Do you believe deception is involved? In what circumstances do you view deception as ethical?
A newspaper advertisement offers a $9000 car for nothing down and 36 monthly payments of $332.50 whats the amount of interest, interest rate, and APR (rounded to the nearest tenth of a percent)