The disposable income from my part-time job in 2021 was $12,000. In 2020, I borrowed $580 at 15 percent interest. I repaid my loan with interest in 2021. How much would I have available for spending in 2021? please help
The disposable income from my part-time job in 2021 was $12,000. In 2020, I borrowed $580 at 15 percent interest. I repaid my loan with interest in 2021. How much would I have available for spending in 2021? please help
Chapter12: Alternative Minimum Tax
Section: Chapter Questions
Problem 24CE
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Question
The disposable income from my part-time job in 2021 was $12,000. In 2020, I borrowed $580 at 15 percent interest. I repaid my loan with interest in 2021. How much would I have available for spending in 2021? please help
Expert Solution
Step 1
Funds available for spending = Disposable income - loan*(1+interest rate)
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ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT