A fishing boat is purchased for $5,600 and financed for 36 months. If the total finance charge

Question:

A fishing boat is purchased for $5,600 and financed for 36 months. If the total finance charge is $ 1,025, find the annual percentage rate using Table 12-1.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Business Math

ISBN: 978-0133011203

10th edition

Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

See More Books

Question Posted: Mar 11, 2016 01:49 AM

See More Questions

Satka Fishing Expeditions, Inc., recorded the following transactions in July: 1. Provided an ocean fishing expedition for a credit customer; payment is due August 10. 2. Paid Marine Service Center...
Anterra Company had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2006, for $77,000. The PPE Sub ledger shows the following information regarding the boat: On June 27,...
Ocean Fishers Ltd. had a 22-foot fishing boat with an inboard motor that was purchased on April 9, 2012, for $77,000. The PPE subledger shows the following information regarding the boat: On June 27,...
Explain the relationship between three Statement objects, and illustrate why and how the CallableStatement object can use the setXXX() methods defined in the PreparedStatement interface.
Your state legislature is considering a balanced budget amendment. One proposed approach defines balanced budgets as ones in which estimated revenues for the year equal that years appropriations. A...
Why would an estimate of the effect of contraceptive use on a woman's fertility potentially be biased? How does Miller use a natural experiment to remove this bias? In your answer, define the natural...
Explain the different types of static and dynamic stability.
Consider each of the following situations independently. (Ignore income taxes.) 1. Annual cash inflows from two competing investment opportunities are given below. Each investment opportunity will...
Managerial accounting is important for small businesses in several ways. The planning and decision-making support are considered a critical aspect of managerial accounting (Dearman, Lechner, &...
Garvey Company sells machine parts to industrial equipment manufacturers for an average price of $0.75 per part. There are two types of customers: those who place small, frequent orders and those who...
A Hepplewhite sofa costs $3,780 in cash. Jaquanna Wilson will purchase the sofa in 36 monthly installment payments. A 13% per year finance charge will be assessed on the amount financed. Find the...
An air compressor costs $780 and is financed with monthly payments for 12 months. The total finance charge is $90.
The primary difference between P/E multiples based on comparables and P/E multiples based on fundamentals is that fundamentals-based P/Es take into account: A. Future expectations. B. The law of one...
Discuss the evolution of containerization technologies and their impact on operating system architecture, resource isolation, and application deployment in cloud computing environments?
Part D - Written Answers (APP 10 marks) Writing A News Report Task: Purpose and Audience: Length: Write a news report based on the picture below. You will have to make up the facts and information,...
On January 2, 2020, Sheridan Corporation issued $1,400,000 of 10% bonds at 96 due December 31, 2029. Interest on the bonds is payable annually each December 31. The discount on the bonds is also...
During the year 2022, the following transactions were made: 10/01/2022: Issued 850,000 shares of common stock for $25,000,000, which is the par value of the stock. 01/02/2022: Paid $24,000 for a...
Callahan Pools manufactures swimming pool equipment. Callahan has estimated the following manufacturing overhead rates using different independent situations: (Click the icon to view the rates.) Read...
A curve is such that Given that the curve passes through the point Given that the curve passes through the point (e, e 2 ), find the equation of the curve. dy d.x = 2x + 3 x + e
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
One thousand shares of Frontier Mining were purchased at $6.50 per share. The share price rose 110% in the first year after purchase, declined 55% in the second year, and then dropped another 55% in...
Maxine found an old pay statement from nine years ago. Her hourly wage at the time was $13.50 versus her current wage of $20.80 per hour. At what equivalent (compound) annual rate has her wage grown...
If a companys annual sales grew from $165,000 to $485,000 in a period of eight years, what has been the compound annual rate of growth of sales during the period?
Pharoah Enterprises purchased a delivery truck on January 1 , 2 0 2 5 , at a cost of $ 2 6 , 0 0 0 . The truck has a useful life of 7 years with an estimated salvage value of $ 5 , 9 1 0 . The...
Consider the following recurrence relation: A(1)=1, A(n) = 2A(n-1)+2"-1 Use the method of unraveling to find a closed form for A(n).
Given the following formula: Monthly Pay= [rate + rate / ([1+rate] ^(months) -1) X principle Where rate of 6% means 6/1200 and Months means number of years x 12 Possible data to test: Principle 12200...

A fishing boat is purchased for $5,600 and financed for 36 months. If the total finance charge

Question:

Step by Step Answer:

1025 5600 100 1830 In the ...View the full answer

Business Math

Students also viewed these Finance questions