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Hunter-Best [27]
2 years ago
8

Langston knows he can make a car payment of $400 per month for the next 5 years. What is the maximum amount he can finance witho

ut exceeding his payment goal if interest rates are 3%?
Business
1 answer:
wariber [46]2 years ago
3 0

Answer:

The maximum amount he can finance without exceeding his payment goal if interest rates are 3% is $160,000.

Explanation:

Assumption: There is no compounding effect as interest earned is paid as car payment and interest rate is 3% per year.

Monthly Outcome required = $400

Interest Rate = i = 3%

Number of Years = 5 years

Number of Months = 5 x 12 = 60 Months

Amount to be Finance = P = ?

Use Following formula to calculate the amount of Finance

Interest  = P x ( 3% / 12 )

$400  = P x ( 0.25% )

$400 / (0.25% ) = P

P = $400 / 0.0025

P = $160,000

The maximum amount he can finance without exceeding his payment goal if interest rates are 3% is $160,000.

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Rashid [163]

Answer: yes

Explanation:

Converting each to pounds it equals 13.3 pounds

8 0
2 years ago
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Julie is a sales associate for ABC Realty. She sold a house that was listed in the MLS from XYZ REALTORS®. The list price was $3
zmey [24]

Answer:

Julie made <u>$5,087.25</u> in commission on this sale.

Explanation:

Selling price of the property = Listed price * Percentage of listed at which the property is sold = $340,000 * 95% = $323,000

Commission on sales of the property = Selling price of the property * Commission rate = $323,000 * 7% = $22,610

Amount of the commission to Julie's broker = Commission on sales of the property * Commission share percentage to Julie's broker = $22,610 * 45% = $10,174.50

Since Julie and her broker split the commission equally, we have:

Commission made by Julie from the property sale = Amount of the commission to Julie's broker / 2 = $10,174.50 / 2 = $5,087.25

Therefore, Julie made <u>$5,087.25</u> in commission on this sale.

4 0
2 years ago
John, a line supervisor, has decided to increase Kerry's responsibilities by delegating more work to her station. what is the fi
melomori [17]
<h2>Clarify the assignment would be the first step john should take to increase Kerry's responsibilities.</h2>

Explanation:

Option A: If a new work is assigned or an additional work is assigned, it is necessary to first explain about the new responsibility and clarify about the assignment. This would ensure Kerry to continue the work smoothly.

Option B: Feedback is always welcome but this is not the first step to add responsibilities.

Option C: Notifying others is the responsibility of John and not Kerry. So this choice is invalid.

Option D: Accountability though it is mandatory comes only in the closure part.

7 0
2 years ago
Your sister just deposited $14,000 into an investment account. She believes that she will earn an annual return of 10.5 percent
Ilia_Sergeevich [38]

Answer:

You must deposit $14,824.07

Explanation:

Giving the following information:

Sister:

Investment= $14,000

Interest rate= 10.5%

Number of years= 9

You:

Investment=?

Interest rate= 9.8%

Number of years= 9

First, we need to calculate the future value of your sister:

FV= PV*(1+i)^n

FV= 14,000*(1.105^9)= $34,386.55

Now, we can determine your deposit:

PV= FV/(1+i)^n

PV= 34,386.55/ (1.098^9)= $14,824.07

3 0
2 years ago
Which best describes the role of financial planning?
STatiana [176]
You invest and save
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