Brenda is a beautician who is opening her own salon in her home. She needs $8500 to
Question:
Brenda is a beautician who is opening her own salon in her home. She needs $8500 to purchase furniture and equipment. Brenda makes a 10% down payment and finances the balance with a 48-month fixed installment loan with an APR of 4%.
(a) Determine Brenda’s finance charge.
(b) Determine Brenda’s monthly payment.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a From Table 102 the finance charge per 100 at 4 for 48 payments is 838 Table 10...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
Question Posted:
Students also viewed these Mathematics questions
-
a. Assuming that all clocks produced are sold, develop a spreadsheet model for estimating the profit or loss from producing any particular number of clocks. b. Use this spreadsheet to find the...
-
Ray took out a 60-month fixed installment loan of $12,000 to open a new pet store. He paid no money down and began making monthly payments of $232. Rays business does better than expected and instead...
-
Harrys credit card company deter-mines his minimum monthly payment by adding all new interest to 2.5% of the outstanding principal. The credit card company charges an interest rate of 0.03164% per...
-
The following report was prepared for evaluating the performance of the plant manager of Miss-Take Inc. Evaluate and correct thisreport. Miss-Take Inc. Manufacturing Costs For the Quarter Ended March...
-
Bulldog Incorporated is a Georgia corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: Item...
-
You want to buy a new sports coupe for $68,500, and the finance office at the dealership has quoted you a loan with an APR of 5.9 for 60 months to buy the car. What will your monthly payments be?...
-
Describe various forms in which an estate may be distributed. AppendixLO1
-
The Brewer Company manufactures and sells pens. Currently, 5,400,000 units are sold per year at $ 0.60 per unit. Fixed costs are $ 860,000 per year. Variable costs are $ 0.40 per unit. Consider each...
-
Part A; Part B: The quoted part price from a vendor = $20.00 per unit for 100 units. The same part made in the home factory would cost $36. If the cost breakdown on the make alternative is as...
-
Warne Enterprises decides to expand its operations by applying for an additional loan of $600,000 As a result, revenue from ordinary activities is expected to increase by $90,000 Financial data...
-
Use the compound interest formula to compute the total amount accumulated and the interest earned. Round all answers to the nearest cent. $8000 for 2 years at 4% compounded daily (use n = 360).
-
Juan paid $7000 for a new central air-conditioning unit for his house. He paid 20% as a down payment and financed the balance with a 36-month fixed installment loan with an APR of 5%. (a) Determine...
-
Explain the key elements of Total Quality Management (TQM) and how this differs from Quality Assurance (QA).
-
2. (3 points) NextGames Inc. has a new video game cassette for the upcoming holiday season. It is 3 trying to determine the target cost for the game if the selling price per unit will be set at $130,...
-
1. After watching the SR WEBINAR on how risk managers create better decision-making through a positive culture what do you think the three (or more) important points made during the webinar 2....
-
| Variance analysis, multiple products. The Robin's Basket operates a chain of Italian gelato stores. Although the Robin's Basket charges customers the same price for all flavors, production costs...
-
Question 31 of Your local coffee shop is extremely busy, so the cashier asks what you'd like to order and your name. The cashier writes this information onto a cup and passes it to the barista. After...
-
Find SSR = xy Rx+1 -dA, R= [0,2] x [4,4] Round your answer to four decimal places.
-
The Clayton Cereal Corporation produces corn flakes and packages them in four different package sizes: a 10.6-ounce box, a 24-ounce box, a 36-ounce box, and a pack of six 36-ounce boxes. The...
-
The ultimate goal of Google, Bing, and other consumer search engines is to provide users with search listings that contain useful information on the topic of their search. What recommendations would...
-
A developmental psychologist has randomly assigned men to two different groups. After sitting alone at a computer monitor to read a series of stories, each man is asked to rate his level of...
-
A clinical psychologist is studying the effects of an experimental medication on depression. He randomly assigns the next 50 patients at his clinic to receive either (a) Prozac or (b) A placebo. Each...
-
An infectious disease specialist is using an independent-samples t test to compare the effectiveness of two treatments for the common cold. (a) Write out H 0 and H 1 and (b) Explain what they mean.
-
You borrowed $15,000 for buying a new car from a bank at an interest rate of 12% compounded monthly. This loan will be repaid in 48 equal monthly installments over four years. Immediately after the...
-
Discuss how debt restructuring, settlement, or modification works. Discuss the journal entries for debtor and creditor
-
Could CNL be a viable business? If so, under what conditions and what level of production (and, since production is directly related to production workers, employees)? All information provided for...
Study smarter with the SolutionInn App