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PLEASE MAKE SURE TO FOLLOW ROUNDING INTSTUCTIONS!!!! Nakatomi Toyota. Nakatomi Toyota buys its cars from Toyota Motors (U.S.), and sells them to U.S customers. One
PLEASE MAKE SURE TO FOLLOW ROUNDING INTSTUCTIONS!!!!
Nakatomi Toyota. Nakatomi Toyota buys its cars from Toyota Motors (U.S.), and sells them to U.S customers. One of its customers is EcoHire, a car rental firm that buys cars from Nakatomi Toyota at a wholesale price. Final payment is due to Nakatomi Toyota in five months. EcoHire has bought $210,000 worth of cars from Nakatomi, with a cash down payment of $42,000 and the balance due in five months without any interest charged as a sales incentive. Nakatomi Toyota will have the EcoHire receivable accepted by Alliance Acceptance for a 1.8% fee, and then sell it at a 3.3% per annum discount to Wells Fargo Ban!k hat is the annualized percentage all-in cost to Nakatomi Toyota? b. What are Nakatomi's net cash proceeds, including the cash down payment? (NOTE: Assume a 360-day year.) (Round to the nearest cent.) The amount financed is $ The trade acceptance fee is $ The discount for the period is $ Calculate the proceeds to Nakatomi Toyota below: (Round to the nearest cent.) (Round to the nearest cent.) (Round to the nearest cent.) Trade Acceptance Face amount of sale Less cash down-payment Amount for financing Less trade acceptance fee Less discount for the period Proceeds to Nakatomi TovotaStep by Step Solution
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