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Gnesinka
16 days ago
13

Tim wants to buy a new Dodge Ram pickup, which costs $40,000. He will pay a down payment of 10 percent and finance the rest at 1

2 percent. If he finances the vehicle over 5 years, how much will his total finance charge be?
Business
1 answer:
stepan [2.9K]16 days ago
4 0

Answer:

total finance charge = $12,048

Explanation:

The total finance charge represents the combination of interest and additional charges a customer incurs for borrowing.

Tim will put down $4,000 and finance $36,000 at an interest rate of 12% over a period of 60 months. His monthly payment will be $800.80, resulting in a total payment of $800.80 x 60 = $48,048 over 5 years.

To calculate the total finance charge, subtract the principal amount of the loan from $48,048:

total finance charge = $48,048 - $36,000 = $12,048

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On December 28, 20Y3, Silverman Enterprises sold $18,500 of merchandise to Beasley Co. with terms 2/10, n/30. The cost of the go
marusya05 [3075]

Response:

A.

Dec. 28, 20Y3

Dr Accounts Receivable - Beasley Co. 18,500

Cr Sales Revenue 18,500

Dec. 28, 20Y3

Dr Cost of Goods Sold 11,200

Cr Inventory 11,200

B.

Jan. 3, 20Y4

Dr Sales Returns and Allowances 4,000

Cr Accounts Receivable - Beasley Co. 4,000

Jan. 3, 20Y4

Dr Inventory 2,350

Cr Cost of Goods Sold 2,350

C. Jan. 7, 20Y4

Dr Cash 14,210

Dr Sales Discount 290

Cr Accounts Receivable - Beasley Co. 14,500

Explanation:

A. Recording the entry for the sale on December 28, 20Y3, using a perpetual inventory system’s net method.

Dec. 28, 20Y3

Dr Accounts Receivable - Beasley Co. 18,500

Cr Sales Revenue 18,500

Dec. 28, 20Y3

Dr Cost of Goods Sold 11,200

Cr Inventory 11,200

B. Journals to record the returns of merchandise

Jan. 3, 20Y4

Dr Sales Returns and Allowances 4,000

Cr Accounts Receivable - Beasley Co. 4,000

Jan. 3, 20Y4

Dr Inventory 2,350

Cr Cost of Goods Sold 2,350

C. Journal entry to document the receipt of amount owed

Jan. 7, 20Y4

Dr Cash 14,210

[(18,500-4,000)-(18,500-4,000)*2% ]

Dr Sales Discount 290

[(18,500-4,000)*2% ]

Cr Accounts Receivable - Beasley Co. 14,500

(18,500-4,000)

8 0
24 days ago
You’ve dreaded it for a while, but now you feel prepared. In 30 minutes you’ll have to terminate Tim, a 12-year employee who is
Nady [2932]

Answer: Tone of communication

Explanation: The tone of voice reflects the emotions underlying your message. Even if your vocal tone remains unchanged, the way you communicate with someone matters. For instance, if you’re frustrated, your tone may come off as harsh; when you are happy, your tone may convey delight.

In summary, tone represents the demeanor of speakers when addressing their audience. It reveals the speaker's maturity and manner of handling situations.

Thus, we can conclude that tone is crucial in this scenario, as the recipient of the message can be emotionally influenced by the conveyed information.

6 0
1 month ago
A professor records the majors of her 30 students as follows: Accounting Economics Undecided Finance Management Management Finan
Scilla [3240]

Answer: Nominal

Explanation:

The use of the Nominal measurement scale indicates that data is categorized into specific names or labels, which is the reason it is sometimes called Named data. For example, organizing dogs in a park by their breed such as Husky, American Bull, German Shepherd, etc.

This measurement scale does not involve numerical values and typically lacks any hierarchical arrangement.

In this case, the professor categorized her students based on their majors, with those majors serving as labels. Thus, she applied the Nominal measurement scale.

3 0
25 days ago
In a hallway, there are three doors which allow access to three different rooms. These three doors are numbered 1, 2, and 3. Fur
soldi70 [3139]
What is the inquiry
3 0
14 days ago
Using the 1% rule-of-thumb, a rental property that gererates $1,000 per month in gross rents could potentially be a very good de
soldi70 [3139]

Response: $75,000

Clarification:

According to real estate principles, the 1% rule suggests evaluating property prices. It asserts that the rent should be at least 1% of the property's purchase price on a monthly basis.

The greater the rental percentage over 1%, the better the deal.

In this scenario, the most suitable option would be $75,000 since;

1,000 divided by 75,000 multiplied by 100 results in

1.33%.

The $1,000 falls above 1% of $75,000, making it a very good investment.

4 0
21 day ago
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