Stewart works for Toyota and earns a 40,000 salary each year. On the first day of 2020,

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Stewart works for Toyota and earns a 40,000 salary each year. On the first day of 2020, his employer sold him an SUV at the same price it normally charges its customers, 350,000. Stewart purchased the car from Toyota with $15,000 in cash and a $20,000 car loan from Toyota's Financial Services (TFS). Normally. TFS charges customers a 5% interest rate on car loans. However, because he was an employee, they gave him the loan charging only 1.5% rest rate instead, which he paid all throughout 2020.

Determine the total recognizable gross income for Stewart in 2020:

a. $45,600

b. 546,120

c. None of the above

d. 54,5860

e. 546,828

Posted Date: Oct 02, 2021 01:33 AM

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Stewart works for Toyota and earns a 40,000 salary each year. On the first day of 2020,

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The answer is C Salary 40000 The rest rat... View the full answer

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