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Brut [27]
1 year ago
8

7. Total Cost for Savings Piggy bank with cash Dean is planning to purchase a new Nissan Altima which costs $26,865. He has save

d up $3,200 to put toward it. He is thinking about getting a loan for it from his credit union, but he could also keep driving his beat-up old car for a while longer and save up cash for the new one. Dean would like to get the car soon, but he wants to at least look into the option of saving up and paying cash for the car so he doesn't have to pay so much for interest. Possibility Two: Saving Up Assume Dean puts his $3,200 in his savings account, which has an APR of 1.2%. You've already determined how much he needs to add to the account every month in order to have all $26,865 saved up to pay cash for the car in five years. If Dean decides to do this, how much of his own money will he have put into the savings account to pay for his car? Don't forget the initial deposit as well as the monthly payments.
Business
1 answer:
son4ous [18]1 year ago
7 0

Answer:

The monthly deposit is calculated using PMT function :

rate = 1.2%/2 (converting annual rate into monthly rate)

nper = 12 * 5 (5 years of deposits with 12 monthly deposits each year)

pv = -3200 (Amount put into account now. This is entered with a negative sign because it is a cash outflow)

fv = 26865 (Required value of account after 5 years)

PMT is calculated to be $379.70.

The monthly deposit is  $379.70.

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A college math department consisting of 9 faculty members must choose a department head, an assistant department head, and a fac
loris [4]
<span>The department consists of 9 members but they must select a department head, an assistant department head, and a faculty senate representative. So they are 3 positions to be occupied by 9 people. It can be done in nPr = n! / (n - r)! ways.
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4 0
2 years ago
Annie is self-employed and has $58,000 in income from her business. She also has investments that generated dividends of $3,000
8090 [49]
First, you need to know the self-employment taxes:
The self-employment tax is 92.35%
Social security tax is 12.4% and Medicare tax is 2.9% = (15.3%)

Dividends and interest are not a part of the income.

58000 * 92.35% *15.3% 
Turn the percentages into decimal form in order to multiply. You can do this by moving the decimals over twice or dividing each percentage by 100. 

58000*.9235 * .153 = $8,195.

Annie's self-employment tax for the year is $8,195. 
7 0
2 years ago
The management team for Volcanic Batteries came up with the following vision statement: "VolcanicBatteries will conscientiously
Pepsi [2]

Answer:

c. triple-bottom-line approach

Explanation:

The triple-bottom-line approach is a framework with 3 parts: financial, social, and environment. Performance evaluation is more than just financial, it also incorporates social and environmental impacts of the business.

Volcanic batterie's vision statement has represented these 3 bottom lines

Financial- VolcanicBatteries will conscientiously track its financial performance to ensure profits for its investors

Social- enhance its community through employment and supporting charities

Environmental- and dispose of waste in amanner that will not harm the environment

6 0
2 years ago
The financial records for the Harrison Manufacturing Company have been destroyed in a fire. The following information has been o
kvasek [131]

Answer:

d. $8,300.

Explanation:

             Direct Materials

Beginning     8,200

Purchases   *16,800

Requisitions             18,400

Ending          6,600

We solve for purchases:

6,600 + 18,400 - 8,200 = 16,800

WIP Inventory

Beginning                7,700

Materials                18,400

Labor                     13,700

Overhead               8,200

Transferred Out    <u>             39,700*</u>

Ending                    8,300

The transferred-out from WIP inventory is the transferred-in for Finished Goods

8 0
2 years ago
Your company wants to set aside a fixed amount every year to a sinking fund to replace a piece of industrial equipment costing $
nika2105 [10]

Answer:

If the company makes 8 deposits, one per year earning 7% per year, in order to get $375000 at the 8 year, the company has to deposit $34,874.16 each year.

Explanation:

To get this number the best option is to use a excel spreadsheet and solver add-in. In a table with 8 columns (8 years), organize the payments and the rule of interest: payment year 1*(1+7%)^8+payment year 2*(1+7%)^7+payment year 3*(1+7%)^6+payment year 4*(1+7%)^5+payment year 5*(1+7%)^4+payment year 6*(1+7%)^3+payment year 7*(1+7%)^2++payment year 8*(1+7%)^1 where all the payments are equal (payment 1=p2=p3...=P8)

4 0
2 years ago
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