Question
In: Accounting
To purchase a car, installment financing was used, which was provided by dealers, was used. If...
To purchase a car, installment financing was used, which was provided by dealers, was used. If a loan of 15 million won is made from this installment loan, which covers 12% of the monthly benefits, and is repaid at the same amount of 48 months, answer the following question.
(1) What is the monthly real interest rate?
(2) How much is the monthly repayment?
(3) How much is the 20th redemption?
Solutions
ekkarill92 answered 2 years agoRelated Solutions
You are considering the purchase of a new car using a financing arrangement. Under the deal...
You are considering the purchase of a new car using a financing
arrangement. Under the deal you must make a $10,000 deposit
immediately and then monthly payments of $800 for a period of 48
months. The monthly payments are made at the end of each month. The
interest rate is 12% p.a. compounded monthly. What is the effective
cost of the car?
You are interested in arranging financing to purchase a new car from Bloomington Cars, Inc. The...
You are interested in arranging financing to purchase a new car
from Bloomington Cars, Inc. The car that you want has a sticker
price of $42,000, an instant rebate of $3,500, a fair market value
of $39,000, and a great sound system. The salesperson, while
smoothing over his comb-over, taps his pinky ring on the hood of
the car and tells you, “You picked the best car we have. I can also
kick in a free Bloomington Cars coffee mug.”...
According to the National Automobile Dealers Assoc., 75% of U.S. car dealers' profits comes from repairs...
According to the National Automobile Dealers Assoc., 75% of U.S.
car dealers' profits comes from
repairs and
parts sold. However, many of the dealerships' service departments
aren't open evenings
or
weekends. The percentage of dealerships opened during the evenings
and weekends are as
follows:
Time Dealerships are Open
Percentage of Dealerships
Weekends
but not evenings
37.5
Evenings
but not weekends
13.2
Both
evenings and weekends
11.3
a. Are the
listed times mutually exclusive?
b. What is
the probability that a...
According to the National Automobile Dealers Assoc., 75% of U.S. car dealers' profits comes from repairs...
According to the National Automobile Dealers Assoc., 75% of U.S.
car dealers' profits comes from repairs and parts sold. However,
many of the dealerships' service departments aren't open evenings
or weekends. The percentage of dealerships opened during the
evenings and weekends are as follows:
Time Dealerships are open
Percentage of Dealerships
Weekends but not evenings
37.5
Evenings but not weekends
13.2
Both evenings and weekends
11.3
a. Are the listed times mutually exclusive?
b. What is the probability that a...
Tom’s Top End Motors and Fast Eddie’s Quality Cars are two local used car dealers. Tom...
Tom’s Top End Motors and Fast Eddie’s Quality Cars are two local
used car dealers. Tom and Eddie are comparing their sales. The mean
monthly sales are similar, however, Tom Monroe (owner of Tom’s Top
End Motors) thinks his sales are no more
consistent than Fast Eddie’s. Below is a listing of
the number of cars sold for the last eight months for Tom’s Top End
Motors and for the last seven months for Fast Eddie’s Quality
Cars.
Monthly Sales...
Based on the following information, how much cash was provided (used) by Operating, Investing, and Financing...
Based on the following information, how much cash was
provided (used) by Operating, Investing, and Financing
Activities
Net Income for the year was $545,000, which includes a gain of
$10,000 from the sale of equipment that originally cost $100,000
and had a net book value of $25,000.
Cash increased $300,000, Accounts Receivable decreased $25,000,
Inventory increased $50,000, Equipment increased $150,000,
Accumulated Depreciation decreased $25,000.
Accounts Payable decreased $20,000, Salaries Payable decreased
$15,000, Long-Term Notes Payable increased $100,000.
Repaid $250,000 of...
Belinda wants to buy a second-hand car and visits a number of car dealers before deciding...
Belinda wants to buy a second-hand car and visits a number of
car dealers before deciding to purchase an as new 1998 Ford Mustang
from American Car Sales. The sales person, Jaxson, tells Belinda
that the car was manufactured in 1998 and had only done 54,000
kms.
Three months later, Belinda has the Mustang serviced with her
local mechanic who was a Mustang enthusiast. He comments on the
fact that the car was in pretty good condition for a 1994...
Belinda wants to buy a second-hand car and visits a number of car dealers before deciding...
Belinda wants to buy a second-hand car and visits a number of
car dealers before deciding to purchase an as new 1998 Ford Mustang
from American Car Sales. The sales person, Jaxson, tells Belinda
that the car was manufactured in 1998 and had only done 54,000
kms.
Three months later, Belinda has the Mustang serviced with her
local mechanic who was a Mustang enthusiast. He comments on the
fact that the car was in pretty good condition for a 1994...
.Belinda wants to buy a second-hand car and visits a number of car dealers before deciding...
.Belinda wants to buy a second-hand car and visits a number of
car dealers before deciding to purchase an as new 1998 Ford Mustang
from American Car Sales. The sales person, Jaxson, tells Belinda
that the car was manufactured in 1998 and had only done 54,000 kms.
Three months later, Belinda has the Mustang serviced with her local
mechanic who was a Mustang enthusiast. He comments on the fact that
the car was in pretty good condition for a 1994...
.Belinda wants to buy a second-hand car and visits a number of car dealers before deciding...
.Belinda wants to buy a second-hand car and visits a number of
car dealers before deciding to purchase an as new 1998 Ford Mustang
from American Car Sales. The sales person, Jaxson, tells Belinda
that the car was manufactured in 1998 and had only done 54,000
kms.
Three months later, Belinda has the Mustang serviced with her
local mechanic who was a Mustang enthusiast. He comments on the
fact that the car was in pretty good condition for a 1994...
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