a) Gerry likes driving small cars and buys nearly identical ones when- ever the old one needs replacing. Typically, he trades in his old car for a new one costing about $15 000. A new car warranty covers all repair costs above standard maintenance (standard maintenance costs are constant over the life of the car) for the first two years. After that, his records show an average repair expense (over standard maintenance) of $2500 in the third year (at the end of the year), increasing by 50 percent per year thereafter. If a 30 percent declining- balance depreciation rate is used to estimate salvage values and interest is 8 percent, how often should Gerry get a new car?
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- Gerry likes driving small cars and buys nearly identical ones whenever the old one needs replacing. Typically, he trades in his old car for a new one costing about $15 000. A new car warranty covers all repair costs above standard maintenance (standard maintenance costs are constant over the life of the car) for the first two years. PART A: After two years, his records show an average repair expense (over standard maintenance) of $2500 in the third year (at the end of the year), increasing by 50 percent per year thereafter. If a 30 percent declining-balance depreciation rate is used to estimate salvage values and interest is 8 percent, how often should Gerry get a new car with this cost in the third year? PART B: After two years, his records show an average repair expense (over standard maintenance) of $1500 in the third year (at the end of the year), increasing by 50 percent per year thereafter. If a 30 percent declining-balance depreciation rate is used to estimate salvage values…Hh1. Account Gerry likes driving small cars and buys nearly identical ones whenever the old one needs replacing. Typically, he trades in his old car for a new one costing about $16,000. A new car warranty covers all repair costs above standard maintenance (standard maintenance costs are constant over the life of the car) for the first two years. After that, his records show an average repair expense (over standard maintenance) of $2600 in the third year (at the end of the year). increasing by 50 percent per year thereafter. If a 30 percent declining-balance depreciation rate is used to estimate salvage values and interest is 9 percent, how often should Gerry get a new car?While buying a new car, Aaron made a down payment of $800 and agreed to make month-end payments of $250 for the next 3 years and 6 months. She was charged an interest rate of 2% compounded semi-annually for the entire term. a. What was the purchase price of the car? $0.00 Round to the nearest cent b. What was the total amount of interest paid over the term? $0.00 Round to the nearest cent SAVE PR
- While buying a new car, Alexis made a down payment of $1,200 and agreed to make month-end payments of $280 for the next 4 years and 6 months. She was charged an interest rate of 4% compounded semi-annually for the entire term. a. What was the purchase price of the car? $0.00 Round to the nearest cent b. What was the total amount of interest paid over the term? $0.00 Round to the nearest centWhile buying a new car, Thomas made a down payment of $1,000.00 and agreed to make month-end payments of $350.00 for the next 4 years and 7 months. If she was charged an interest rate of 3.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent. a. What was the cost of the car when Thomas purchased it? Round to the nearest cent b. What was the total amount of interest paid over the term?Mrs. Jenny bought an upper-class lot costing 1.23 Million $. The car agency asked for a downpayment of $ 320,200 and $624, 400 after one year. The remaining balance will be paid at the end of third year. If the interest rate is 13.2% compounded (a) every six months and (b) every three months, what is the required payment?
- While buying a new car, Monica made a down payment of $900 and agreed to make month-end payments of $240 for the next 4 years and 8 months. She was charged an interest rate of 4% compounded semi-annually for the entire term. a. What was the purchase price of the car? Round to the nearest cent b. What was the total amount of interest paid over the term? Round to the nearest centWade Ellis buys a car for $15,002.71. He puts 10% down and obtains a simple interest amortized loan for the balance at 12 and 1/2% interest for four years. After three years and two months of making the minimum monthly payment, he sells his car. Find the unpaid balance on his loan. (Round all intermediate calculations to the nearest cent. Round the answer to the nearest cent.)$While buying a new car, Austin made a down payment of $1,000.00 and agreed to make month-end payments of $270.00 for the next 3 years and 4 months. If she was charged an interest rate of 5.00% compounded quarterly for the entire term, answer the following, rounding to the nearest cent. 1. What was the cost of the car when Austin purchased it? Round to the nearest cent 2. What was the total amount of interest paid over the term? Round to the nearest cent
- Mr. Johnson is a car sales agent in a car company in MLBB nation where there is a new model of suv. His manager give him the details of vehicle and ask him to identify its selling price. the details are as follows down payment is 250,000; regular payment at the end of each month is 18230 pesos; term in 6 years; and the interest is 12% compounded monthlyWhile buying a new car, Melissa made a down payment of $1,200.00 and agreed to make month-end payments of $300.00 for the next 4 years and 5 months. If she was charged an interest rate of 3.00% compounded quarterly for the entire term, answer the following, a. What was the cost of the car when Melissa purchased it? b. What was the total amount of interest paid over the term?While buying a new car, Katherine made a down payment of $1,000 and agreed to make month-end payments of $280 for the next 5 years and 6 months. She was charged an interest rate of 4% compounded semi-annually for the entire term. a. What was the purchase price of the car? Round to the nearest cent b. What was the total amount of interest paid over the term? Round to the nearest cent