FREE Trial

Tina owes $12,000 on her automobile loan, which has an interest rate equal to 4.8 percent compounded monthly. If Tina pays $526 at the end of each month, how long will it take her to repay the loan?

Tina owes $12,000 on her automobile loan, which has an interest rate equal to 4.8 percent compounded monthly. If Tina pays $526 at the end of each month, how long will it take her to repay the loan?

This problem has been solved!


Do you need an answer to a question different from the above? Ask your question!
  • Tutor Answer

Using a calculator enter I Y 0 4 …View the full answer


answer-question
Related Book For  answer-question
CFIN

CFIN

ISBN: 978-1305666870

5th edition

Authors: Scott Besley, Eugene Brigham

See More Books
Question Details
Chapter # 4
Section: Problems
Problem: 19
Posted Date: January 31, 2020 09:51:14
See More Questions

Students also viewed these Business questions

Q:
On September 1, 2008, Susan Chao bought a motorcycle for $30,000. She paid $1,000 down and financed the balance with a five-year loan at a stated annual interest rate of 7.8 percent, compounded...
A:
tr mso height source auto col mso width source auto br mso data placement same cell style19 mso number format 0 00 0 00 0022 0022 mso style name Comma 2 style17 mso number format 0022 0022 0 00 0022 0......
Q:
On September 1, 2018, Susan Chao bought a motorcycle for $17,000. She paid $1,500 down and financed the balance with a five-year loan at an annual percentage rate of 6.8 percent compounded monthly....
A:
Since she put 1 500 down the amount borrowed will be Amount borrowed 17 000 1 500 Amount bor......
Q:
1. With regard to Brads revised retirement plans: a. How much will he have in 30 years if he takes full advantage of his employers definedcontribution pension plan and invests $300 per month at an...
A:
1 a If Brad saves 300 per month his employer will match his contribution Brad has considered both a future retirement goal of 1 000 000 and 1 500 000......
Q:
Calculate investment balance four years after acquisition Ray Corporation owns a 40 percent interest in the outstanding common stock of Ton Corporation, having acquired its interest for $2,400,000 on...
A:
Preliminary computations Cost of 40 interest January 1 2011 2 400 000 Book......
Q:
What variables must be controlled if satisfactory quantitative data are to be obtained from chromatograms?
A:
Sample injection volume carrier gas flow rate an......
Q:
The City of Castletons General Fund had the following post-closing trial balance at June 30, 2019, the end of its fiscal year: During the year ended June 30, 2020, the following transactions, in...
A:
a CITY OF CASTLETON JOURNAL ENTRIES FY 2020 Debits Credits General Fund 1 ESTIMATED REVENUES 3 140 000 APPROPRIATIONS 3 100 000 BUDGETARY FUND BALANCE 40 000 General Fund 2 CASH 490 000 EXPENDITURES.........
Q:
We wish to determine the final state for the gas in an inflated balloon. Initially, the balloon has a volume of V i at rest. The volume of the balloon is related to the internal pressure by V = aP +...
A:
Click to View...
Q:
The management of Danica Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2017, the accounting records provide the following data....
A:
a DANICA CO Condensed Income Statement For the Year Ended December 31 2017 FIFO LIFO Sales revenue 7......
Q:
Please create a journal entries of the following entries 3/21/23 Collected $2,143,000 in rent revenue. 3/23/23 Paid $1,187,000 in dividends. 3/24/23 Purchased new equipment for $3,00,000. Paid in...
A:
Here are the journal entries for the transactions you provided 3 21 23 Debit Ca......
Q:
2) 3) Write a program named Guess_A_Number that plays a game in which the program picks a secret number and the user tries to guess it. 1) The program first asks the user to enter the maximum value...
A:
As asked to solve onl......
Q:
Ten years ago, Bruce invested $1,250. Today, the investment is worth $3,550. If interest is compounded annually, what annual rate of return did Bruce earn on his investment?
A:
Using a calculator enter N 10 PV......
Q:
Mario wants to take a trip that costs $4,750, but currently he only has $2,260 saved. If Mario invests this money at 7 percent compounded annually, how long will it take for his investment to grow to...
A:
Using a calculator enter I Y 7 PV 2 260 PMT 0 and FV 4 750 comp......
Q:
Solve equation on the interval 0 2. (tan - 1)(sec - 1) = 0
A:
The solution set is......
Q:
What are the effects of labour turnover on cost of production?
A:
Labor turnover the rate at which employees leave and are replaced within an organization can have several effects on the cost of production These effects can be both direct and indirect impacting vari......
Q:
A worker produced 200 units in a week's time. The guaranteed weekly wage payment for 45 hours is Rs. 81. The expected time to produce one unit is 15 minutes which is raised further by 20% under the...
A:
To calculate the earnings per hour of the worker under the Halsey and Rowan bonus schemes we need to consider the guaranteed weekly wage the time taken to produce 200 units the expected time per unit......
Q:
Discuss labour turnover and different methods of measuring it.
A:
Labor Turnover Labor turnover also known as employee turnover or staff turnover refers to the rate at which employees leave an organization and are re......
Q:
A large local government authority places orders for various stationery items at quarterly intervals. In respect of an item of stock, data are as follows: Annual usage 5000 boxes Minimum order...
A:
To determine the economic order quantity EOQ and calculate the percentage savings we ll follow these......
Q:
What do you mean by labour turnover? What are the costs associated with it? How would you treat these costs in cost accounting?
A:
Labor Turnover Labor turnover refers to the rate at which employees leave an organization and are replaced by new employees It s a measure of employee mobility within a company and is usually calculat......
Q:
Hayward Company, a manufacturing firm, has supplied the following information from its accounting records for the month of May: Required: 1. Prepare a statement of cost of goods manufactured. 2....
A:
1 Direct materials 3 475 15 000 9 500 8 975 Hayward Company St......
Q:
Consider the setup in Problem 16. Show that the relative speed of the ball and the point of contact on the stick is the same before and immediately after the collision. (This result is analogous to...
A:
As in the solution to Problem 16 we have The speed of the contact point on the stick righ......
Q:
In this problem, you will process transactions involving fixed assets for Savoy Merchandise Co. for the month of November 2013. In addition, you will complete the monthly accounting cycle. The...
A:
MEMORANDUM TO Manager Accounting Department FROM Your name DATE Today s Date SUBJECT Depr......
Q:
What objective should guide the selection of a depreciation method for financial reporting purposes?
A:
In selecting depreciation methods management should select the d......
Q:
Are selection decisions always the result of changes in channel structure? Explain.
A:
No Selection decisions may occur independent of channel design......
Q:
Class Median Midpoint, x Income, I 19.5 $12,965 An individual's income varies with age. The table shows the median income I of individuals of different age groups within the United States for a...
A:
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 A Class......
Q:
There is no circumstance that you can cook out 230 million bacteria. Im not willing to take the risk that one pathogen isnt going to surviveRon Schnitzer (microbiologist). Comment on this quote. What...
A:
Ron Schnitzer may be referring to the freshness of meats whe......
Q:
The Edmunds. com NHTSA Complaints Activity Report contains consumer vehicle complaint submissions by automaker, brand, and category (data extracted from edmu. in/ Ybmpuz.) The following tables,...
A:
a b The bar chart is more suitable if the purpose is to compar......
Q:
Paul, age 37, participates in a Section 401(k) plan which allows employees to contribute up to 15 percent of their salary. His annual salary is $125,000 in 2020. What is the maximum he can...
A:
d......
Q:
At the beginning of 2018, the Redd Company had the following balances in its accounts: Cash..................................$16,900 Inventory..............................25,000 Common...
A:
a Event No Event Type Event No Event Type 1a AS 5a AU 1b AE 5b AS 2 AU 6 AU 3 AU 7 AU 4a AS 8 AU 4b AU b Redd Company Horizontal Statements Model 2018......
Q:
You have three choices of retirement plans: a) $1 million at the end of 20 years, b) $1,500 at the end of each month for 20 years, or c) $23,000 at the end of each year for 20 years. Assuming you can...
A:
To determine the best retirement plan among the three options we need to calculate the future......
Q:
A storeroom is used to organize items stored in it on N shelves. Shelves are numbered from 0 to N-1. The K-th shelf is dedicated to items of only one type, denoted by a positive integer A[K]....
A:
Salution Basically we have to find minimum Confinaus......
Q:
State the major advantages and disadvantages of oral communication and written communication.
A:
The major advantages of oral communication are that it is usually easier an......
Q:
List the five steps in the process of sending face-to-face messages.
A:
The face to face message sending process......
Q:
Global Foundries (GF), a privately held company that invests in companies producing essential components for high-volume data storage, is valued at $4.0 billion dollars. A computer company that wants...
A:
In billion unit......
Q:
A and B, sharing profits in the ratio of 3 : 2, took out a joint life policy on 1st January, 2015 of 20,000 for 20 years paying annual premium of 1,000. The surrender values were : 2015 : nil; 2016 :...
A:
To prepare the Joint Life Policy Account and Joint Life Policy Reserve Account we need to consider t......
Q:
Go to a trading Web site like www.forex-markets.com or an information site like finance.yahoo.com/currency and demonstrate the charting, conversion calculators, and other research and information...
A:
1 Currency conversion rates A currency focused website s major purpose is to give up to date exchange rates for various currency pairs These exchange......
Q:
You are given the following particulars of a business having three departments: Additional information: (i) Purchases were made at a total cost of 92,000. (ii) The percentage of gross profit on...
A:
Department Opening Stock Purchases Closing Stock Selling Price per Unit Sales COGS Gross Profit Department A 300 units 1 000 units 1 500 units 20 16 0......
Q:
The article Is It Really Good to Talk? Testing the Impact of Providing Concurrent Verbal Protocols on Driving Performance (Ergonomics 2017: 770779) reported an experiment in which 20 drivers drove...
A:
To perform the two factor ANOVA Analysis of Variance for the given data we ll break down the sum of squares and degrees of freedom to test the effects......
Q:
The firm of Richpersons presented you with the following Balance Sheet drawn as at 31st March, 2017: Partners shared profits and losses in the ratio of 4:3:3. Due to differences among the partners,...
A:
To determine how the amounts due to partners will be settled we need to go through the process of realizing the assets paying off the liabilities and......
Q:
Use the Ratio Test to determine whether the following series converge. 2k k 99 k=1
A:
The ratio between successi......
Q:
The senior management at Davis Watercraft would like to determine if it is possible to improve firm profitability by changing their existing product mix. Currently, the product mix is determined by...
A:
a A B C Price 450 400 500 Material Cost 50 00 40 00 110 00 Contribution Margin 400 360 390 When orde......
Q:
Using the FRED database, search for the exchange rate of a country of your choosing relative to the U.S. dollar other than for the euro area or Japan. (a) Display the graph of the exchange rate over...
A:
a I expect that most students will look at the yuan dollar exchange rate so here it is b......
Q:
Starting with the exchange rate of R = $2/1, draw a figure showing the exchange rate under a crawling peg system with the nation appreciating its currency by 1 percent at the end of each month for...
A:
R 1......
Q:
The exchange rate of the British Pound against the dollar since the global financial crisis has followed this path: Average for month: GBP per $US Mar-08 0.4995 Mar-09 0.70607 Dec-14 0.63779 Is this...
A:
This question is actually intended to illustrate how hard it is in practice to work out what caused what in any given situation let alone to test whet......
Q:
Suppose the graph on the next page shows Tanzania's production possibilities frontier for cashew nuts and mangoes. Assume that the output per hour of work is 8 bushels of cashew nuts or 2 bushels of...
A:
a Tanzania produces 8 000 bushels of cashew nuts b Tanzania will receive 1 500 bushels of mangoes i......
Q:
What accounts and related adjustments are new in the work sheet of ToyJoy Manufacturing Co.?
A:
The new accounts for the work sheet of ToyJoy Manufacturing Co are a Finished Goods Inventory......
Q:
Pascarella & Wiker was retained by K & L Gates to assist in the fraud investigation requested by Le-Nature's Special Committee. What type of professional service was Pascarella & Wiker providing?...
A:
Pascarella Wikers engagement was a non audit attestation service Of course because all a......
Q:
Alice purchases a rental house on June 22, 2020, for a cost of $174,000. Of this amount, $100,000 is considered to be allocable to the cost of the home, with the remaining $74,000 allocable to the...
A:
b......
Q:
Tyson Chandler Companys sales budget projects unit sales of part 198Z of 10,000 units in January, 12,000 units in February, and 13,000 units in March. Each unit of part 198Z requires 2 pounds of...
A:
a TYSON CHANDLER COMPANY Production Budget For the Two Months Ending February 28 2......
Q:
During and after the pandemic, some companies decided to mandate that a certain percentage of its employees work from home, using an online platform. Research one (1) international company that has a...
A:
Dell Technologies is a computer manufacturing company It was established in 1984 and based in Texas The company is named after its founder Michael Del......
Q:
On January 1, 2020, Innovus, Inc., acquired 100 percent of the common stock of ChipTech Company for $670,000 in cash and other fair-value consideration. ChipTechs fair value was allocated among its...
A:
a Innovus employs initial value method to account for ChipTech Consolidated Entries Innovus ChipTech Debit Credit Consolidated Revenues 990 000 210 00......
Q:
1. Explain the risk-premium in the bond market(Graph&Explain) . 2. Explain the price of stock and how it is calculated? Give an example
A:
1 Risk premium in the bond market A risk premium is the return over and above the risk free rate generally thought of as the return on U S Treasuries that investors demand to compensate them for the r......
Q:
For the resistive network below in which all currents flowing at nodes A, B, C and D are defined as shown: a) Apply Kirchhoff's Current Law at Node A and Node B to find the respective expressions for...
A:
Click to View...
Q:
? Plush pet toys are produced in a largely automated factory in standard lots of 100 toys each. A standard cost system is used to control costs and to assign cost to inventory: Price Quantity...
A:
Particulars Formula Computation Variance Direct material variance Actual price Budgeted......
Q:
Develop the backend for a healthcare mangement system application using the Spring framework .(Spring Boot Hands-on ) Healthcare Service -----Java Full Stack Developer - Spring Boot I was not...
A:
Project Setup Create a new Spring Boot project using your preferred IDE or Spring Initializr Model Classes Define model classes for users patients and......
Q:
write the Java programs that use methods and two-dimensional arrays. Problem 1: Complete the following java program which creates a two-dimensional array of 36 (6 X 6) elements. The program then...
A:
Click to View...
Q:
The CEO of ABC Inc had an idea for developing a new vaccine to treat a relatively rare disease. By selling 10 million shares @ $50 each, she was able to raise $500 million to undertake R&D. After...
A:
a To determine the share price immediately prior to the announcement we need to calculate the market capitalization of ABC Inc before the announcement and divide it by the number of shares Market capi......
Q:
Describe FIVE (5) features of UNIX / Ubuntu Operating System feature in terms of its Directory Structure, UNIX Several Layers, Basic Shell Commands and Installation on the Virtual Machine
A:
Directory Structure Hierarchical File System UNIX Ubuntu uses a hierarchical directory structure with the root directory at the top All files and dire......
Q:
i. ii. iii. What is the OSI model used for? [2 marks] For the lower four layers of the OSI model, give for each: a brief description of the layer; an example from the Internet; where it's implemented...
A:
i The OSI Open Systems Interconnection model is used to provide a conceptual framework that standardizes the functions of a telecommunication or netwo......
Q:
A house was purchased 5 years ago with a $250,000, 9%, 30-year loan. Thinking of refinancing, the borrower finds the curren interest rate on 25-year loan is 7.5%. What is the total savings (PV of all...
A:
Click to View...
Q:
What did Lennox gain by integrating their WMS, TMS, and labor management systems?
A:
Shipping accuracy went from 98 to 99 97 Inventory accuracy went from 97......
Ocean Circulation 2nd Edition - ISBN: 0080537944 - Free Book