The price of a car is OMR 6,500. After a down payment of OMR 500, the remaining balance is financed over 18 months with a monthly payment of OMR 450. What is the annual percentage rate on this car? a. 0.053% b. 35% c. 53% d. 0.35%
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A: according to the question given, downpayment = $1000 monthly payment (A) = $550 interest rate (R) =…
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A: PRESENT VALUE OF ANNUITY: PVA =A×1-11+RMM×NRM WHERE, A=annuity R=rate of interest M=frequency of…
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A: SOLUTION
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- Gear Up Co. pays 65% of its purchases in the month of purchase, 30% in the month after the purchase, and 5% in the second month following the purchase. What are the cash payments if it made the following purchases in 2018?Marathon Peanuts converts a $130,000 account payable into a short-term note payable, with an annual interest rate of 6%, and payable in four months. How much interest will Marathon Peanuts owe at the end of four months? A. $2,600 B. $7,800 C. $137,800 D. $132,600Whole 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 building is priced at $100,000. If a downpayment of $30,000 is made, an a payment of $1,000 every month thereafter is required, how many months will it take to pay for the building? Interest is charged at a rate of 12% compounded monthly A. 100 B. 70 C. 142 D. 121A lathe for a machine shop costs P60, 000 if paid in cash, On the installment plan, a purchaser should pay P20, 000 down payment and 10 quarterly instaliments, the due at the end of the first year after purchase. If money is worth 15% compounded quarterly. The corresponding value due at the end of the 1st year after purchase is: A. 9.23787 B. 0.0375 C. 8.212787A car dealer advertises the sale of a car model for a cash price of P 280,000. If purchased on instalment, the regular downpayment is 15% and balance payable in 18 equal monthly instalments at an interest rate of 1.5% per month. How much will be required monthly payments?
- Onse took a loan of P2,000 that is repaid by a payment of P2,500 made 24 months later. Find the annual percentage rateA house is priced at $100,000. If a downpayment of $30,000 is made, an a payment of $1,000 every month thereafter is required, how many months will it take to pay for the building? Interest is charged at a rate of 12% compounded monthly a. 100 b. 132 c. 70 d. 121A construction company takes a loan of $535,000 to cover the cost of a new grader. If the interest rate is 6.7% APR, and payments are made monthly for fiveyears, what percentage of the outstanding principal does the company pay in interest each month? A. 0.66% B. 5.58% C. 0.51% D. 0.61% E. 0.56%
- (For items 10-12) A car is to be purchased in monthly payments of P17,000 for 4 years starting at the end of 4 months. How much is the fair market value of the car if the interest rate used is 12% converted monthly and down payment is 65,000? _____10. How many conversion period/s given in a year (m)? A. 1 B. 2 C. 4 D. 12 _____11. How many payments are needed to do in the given time (n)? A. 4 B. 16 C. 48 D. 52 _____12. What value of j must be used? A. 0.012 B. 0.12 C. 0.03 D. 0.01The total maintenance expense of a certain machine is 15,845 and can be disbursed by paying 3,458 at the end of 4 years and increases by an amount of "x" every year thereafter for 4 years. The interest rate is 9.665% compounded annually. What is the equaivalent annual maintenance cost?A construction company takes a loan of $1,322,000 to cover the cost of a new grader. If the interest rate is 7.95% APR, and payments are made monthly for five years, what percentage of the outstanding principal does the company pay in interest each month? A. 0.76% B. 6.63% C. 0.61% D. 0.71% E. 0.66%