Question
In: Advanced Math
(a) Luis Mahla purchases a Porsche Boxster for $49,700 and finances the entire amount at an...
(a) Luis Mahla purchases a Porsche Boxster for $49,700 and finances the entire amount at an annual interest rate of 6.3% for 8 years. Find the monthly payment. Assume the sales tax is 6% of the purchase price and the license fee is 1% of the purchase price. (Round your answer to the nearest cent.)
(b) After becoming a commercial pilot, Lorna Kao decides to purchase a Cessna 182 for $64,975. Assuming the sales tax is 4.9% of the purchase price, find each of the following.
(1) What is the total cost, including sales tax?
(2) If Lorna makes a down payment of 18% of the total cost, find
the down payment.
(3) Assuming Lorna finances the remaining cost at an annual
interest rate of 7.15% for 10 years, find the monthly payment.
Solutions
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Colby Messinger answered 1 year agoRelated Solutions
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The Porsche Shop, founded in 1985 by Dale Jensen, specializes in the restoration of vintage Porsche...
The Porsche Shop, founded in 1985 by Dale Jensen, specializes in
the restoration of vintage Porsche automobiles. One of Jensen's
regular customers asked him to prepare an estimate for the
restoration of a 1964 model 356SC Porsche. To estimate the time and
cost to perform such a restoration, Jensen broke the restoration
process into four separate activities: disassembly and initial
preparation work (A), body restoration (B), engine restoration (C),
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stated that the full amount plus interest of $500 was payable on 30
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Donald borrowed $2000 from Ace Finances Ltd. The agreement
stated that the full amount plus interest of $500 was payable on 30
November. Shortly after arranging the loan, Donald lost his job and
has been unemployed ever since. Advise Donald in each of the
following scenarios: (Note – the issue will be the same in each
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1.Using the following information, what is the amount of gross profit? Purchases $32,000 Purchases discounts $960...
1.Using the following information, what is the amount of gross
profit?
Purchases
$32,000
Purchases discounts
$960
Merchandise inventory
September 1
5,700
Merchandise inventory
September 30
6,370
Sales returns and
allowances
910
Sales
63,000
Purchases returns and
allowances
1,200
Freight In
1,040
$34,870
$31,880
$27,460
$62,090
2.
Use the following worksheet to answer the following
questions.
Finley Company
Worksheet
For the Year Ended December 31, 2014
Adjusted Trial Balance
Income Statement
Balance Sheet
Account Title
Debit
Credit
Debit
Credit
Debit
Credit...
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On 12/31/24, the Cheboygan Company paid $4,000 of prepaid
insurance and expensed the entire amount. The policy covered the
period 1/1/25 to 12/31/29.
The error was discovered on 1/10/28; the 2027 books are closed.
The correcting journal entry will include what entry to 1/1/28
Retained Earnings?
Select one:
a. $1,600 debit
b. $2,400 debit
c. $2,400 credit
d. No journal entry needed
e. $1,600 credit
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Initial amount: Shs 6,000,000/=; rate
of interest: 12% per annum; period: 10 years payable monthly in
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An additional amount of Shs 500,000/=
is repaid with the 20th installment, and the monthly
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When the background music was slow, the mean amount of bar purchases for a sample of...
When the background music was slow, the mean amount of bar
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(b)...
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