Larry purchased a gnu combined that cost 210,500, minus a rebate of 5500, a trade-in of 6500, and a down payment of 9000. he takes out a loan for the balance at 8% APR over four years. Find the annual payment.(simplify your answer completely. Round your answer to the nearest cent.)
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Larry purchased a gnu combined that cost 210,500, minus a rebate of 5500, a trade-in of 6500, and a down payment of 9000. he takes out a loan for the balance at 8% APR over four years. Find the annual payment.(simplify your answer completely. Round your answer to the nearest cent.)
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- Samuel Ames owes 20,000 to a friend. He wants to know how much he would have to pay if he paid the debt in 3 annual installments at the end of each year, which would include interest at 14%. Draw a time line for the problem. Indicate what table to use. Look up the table value and place it in a brief formula. Solve.Del Hawley, owner of Hawleys Hardware, is negotiating with First City Bank for a 1-year loan of 50,000. First City has offered Hawley the alternatives listed here. Calculate the effective annual interest rate for each alternative. Which alternative has the lowest effective annual interest rate? a. A 12% annual rate on a simple interest loan, with no compensating balance required and interest due at the end of the year b. A 9% annual rate on a simple interest loan, with a 20% compensating balance required and interest due at the end of the year c. An 8.75% annual rate on a discounted loan, with a 15% compensating balance d. Interest figured as 8% of the 50,000 amount, payable at the end of the year, but with the loan amount repayable in monthly installments during the yearUsing the information provided, what transaction represents the best application of the present value of an annuity due of $1? A. Falcon Products leases an office building for 8 years with annual lease payments of $100,000 to be made at the beginning of each year. B. Compass, Inc., signs a note of $32,000, which requires the company to pay back the principal plus interest in four years. C. Bahwat Company plans to deposit a lump sum of $100.000 for the construction of a solar farm In 4 years. D. NYC Industries leases a car for 4 yearly annual lease payments of $12,000, where payments are made at the end of each year.
- Electro Corporation bought a new machine and agreed to pay for it in equal annual installments of 5,000 at the end of each of the next 5 years. Assume a prevailing interest rate of 15%. The present value of an ordinary annuity of 1 at 15% for 5 periods is 3.35. The future amount of an ordinary annuity of 1 at 15% for 5 periods is 6.74. The present value of 1 at 15% for 5 periods is 0.5. How much should Electro record as the cost of the machine? a. 12,500 b. 16,750 c. 25,000 d. 33,700Larry purchased a new combine that cost $230,500, minus a rebate of $3,500, a trade-in of $7,500, and a down payment of $5,000. He takes out a loan for the balance at 8% APR over 4 years. Find the annual payment. (Simplify your answer completely. Round your answer to the nearest 2 cent.)While buying a new car, Alexander made a down payment of $1,100 and agreed to make month-end payments of $290 for the next 5 years and 7 months. She was charged an interest rate of 4% compounded semi-annually for the entire term.a. What was the purchase price of the car?Round to the nearest centb. What was the total amount of interest paid over the term?
- While buying a new car, Austin made a down payment of $1,000.00 and agreed to make month-end payments of $270.00 for the next 3 years and 4 months. If she was charged an interest rate of 5.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent. 1. What was the cost of the car when Austin purchased it? Round to the nearest cent 2. What was the total amount of interest paid over the term? Round to the nearest centLarry purchased a new combine that cost $220,500, minus a rebate of $2,500, a trade -in of $6,500, and a down payment of $8,000. He takes out a loan for the balance at 8% APR over 4 years. Find the annual payment. ( Simplify your answer completely. Round the answer to the nearest centJim made a down payment of 2500 dollars toward the purchase of a car. To pay the balance of the purchase price, he has secured a loan from his bank at the nominal rate of 4 percent per year compounded monthly. Under the terms of his finance agreement, he is required to to make payments of 290 dollars per month for 48 months.What is the cash price of the car? (round to nearest cent) How much, in total, will Jim spend on interest charges? (round to nearest cent)
