For Problems 13-16, Find the amount financed.13. Owen Hawkins purchased carpentry equipment for $1,265 with a $100 downpayment.14. Audrey Copeland purchased a used car for $14,470 with a $3,000 down payment15. Austin Powell purchased a television for $2,200 with a $500 down payment16. Megan Barnes purchased photography equipment for $4,100 with a $1,000 downpayment

Amount financed refers to the actual amount of money that a borrower receives from a lender after…

Answered: For Problems 13-16, Find the amount…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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For problems 15-18, Find the (a) down payment and (b) amount financed 15. Lawrence Huber purchased the finance of a $8,371.39 snowmobile with a 15% down payment 16. Bailey Ruffin bought a new motorcycle for $18,936.50 and made a 30% down payment. 17. Devon Gallagher purchased home entertainment equipment for $4,020.19 using the store's credit plan. He made a 20% down payment. 18. Linda Cusack purchased a $279.50 stereo player for her car. Using the store's credit plan, she made a $50 down payment. 15a 15b 16a 16b 17a 17b 18a 18b
4. Alan Lewis purchased a new computer for his office using the store's installment credit plan. The computer cost $5,991.64. He made a 40% down payment. 4a. What is the down payment? 4b. What is the amount financed? 5. Melvin Annijo purchased new carpet for $1,498.96; laminated flooring for $2,365.45; kitchen cabinets for $7,864.44; and a countertop for $936.12. The Home Supply credit plan requires a 15% down payment. 5a. What is the total amount of the purchases? 5b. What is the down payment? 5c. What is the amount financed? 6. Amanda and Charles Mercer want to remodel their coffee shop. They would like to finance part of the cost but do not want the amount financed to be more than $10,000. The total cost of remodeling the shop is $13,480. 6a. Determine how much they need for a down payment 6b. Will a 25% down payment be enough?
Journal Entry for this 12 Applied for a P2,500,000 business loan from a bank by mortgaging his farm. He plan to use this to construct a clinic. 15 The loan was approved, and the money deposited in the name of the business which Deither opened on the same date. 30 A two-story clinic was constructed on a vacant lot which he owns. The lot is worth P300,000. The construction cost was P1,500,000. Both registration papers are in the name of the clinic.
This year Evans graduated from college and took a job as a deliveryman in the city Evans was paid a salary of $72,300 and he received $700 in hourly pay for the part-time over the weekends. Evans summerized his expenses aa follows. . Cost of moving his possessions to the city (125miles) $1,200. .interest paid on accumulated student loans $2,800. .Cost of purchasing a delivery uniform $1,400. .contribution to state university deliveryman program $1'300. Using TaxAct, complete page 1of Evans form 1040 for 2019 and calculate his adjusted gross income and taxable income.
How do I do a general journal on this entry? Master Flow purchased a specialized pipe bending machine for the Warehouse. The machine has a purchase price of $8,000. It will cost $300 to have it delivered; $500 to have it setup and it requires a custom platform that will cost $1,000. The machine uses disposable grommets. Scott purchases an initial lot of $200 pieces of the disposable grommets for $200. The Manufacturer for the Machine is providing $10,000, 90 Day financing at a 10% interest rate for the purchase.
Which one of the following statements is false? Group of answer choices A.Bill drives 20 each way between his home to his office – 40 miles round trip each day. During the day he drives to a client site. He drives a total of 63 miles that day. He may deduct the cost of 43 miles. B.Commuting expenses may be deductible if you are transporting tools. C.A consultant works out of her home. She may deduct the cost of driving to a client’s place of business. D.The expenses of driving between your regular job and a second job are deductible.
Rita is keen to grow her business and provided some information on two transactlons that she undertook during the year. The first was the purchase of an individual asset for the business called a Techpager. wwym ww The initial cost of the machine itself was $32,000 with several extra required fees and charges. Rita also decided to include a number of optional extras in the purchase. Installation of Techpager $1500 Transportation and Shipping Costs $600 Extended Warranty/Service Program $300 per year. This is an optional service offered by the company that covers all maintenance and repairs costs and is paid annually in advance Sorting and Stapling Unit $1200 (required to allow Rita to produce the booklets for her business) Custom Painting $400 (Rita does not need to have this done but has decided she wants the machine to match her office décor) Insurance $500 per year payable in advance Prepare a general Journal entry to record the individual of the purchase business called Techpager.
Gerald Inc. of Session opens a sales agency in Julia and a working fund of ₱100,000 isestablished on imprest basis. The first payment from the fund is ₱5,000 for rent of thestore space. What is the entry in the books of the home office to record the payment ofrent by the agency?
Jerry invested $10,000 in two mutual funds. Fund A earned 6% profit during the first year, and Fund B earned 2% profit. If he received a total of $474 profit, how much had he invested in each mutual fund? second question Your yard is a mess, and you decide to hire a landscaper. The Greenhouse charges a $80 consultation fee plus $14 per hour for the actual work. Determine the number of hours of yard work for the cost of hiring the Greenhouse to equal the cost of hiring Garden Pros. question 3 At a concession stand, five hotdogs and five sodas cost $30. Two hot dogs and four sofas cost $15. Determine the price of each hot dog and each soda.
2. Jason Bradley decided to buy a home for $271,000. His bank requires a 25% down payment. His attorney, has notified Jason that besides the 25% down payment there will be the following additional costs: Recording of the deed $266.00 A credit and appraisal report 1521.00 Preparation of appropriate documents 444.00 In addition, there will be a transfer tax of 1.5% of the purchase price and a loan origination fee of 3% of the mortgage amount. Assume a 30-year mortgage at a rate of 9.5%. a. What is the initial amount of cash Jason will need? (Do not round intermediate calculations. Round your answer to the nearest cent.) b. What is his monthly payment? c. What is the total cost of interest over the life of the mortgage? (Use the amortization worksheet in the financial calculator.
Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $15,400. He put $1,700 down and financed the rest with a 48-month, 8.0% loan. What is his monthly car payment by table lookup? (Use Table 14.2) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly Payment
Before purchasing a used car, Cody Lind checked www.kbb.com to learn what he should offer for the used car he wanted to buy. Then he conducted a carfax.com search on the car he found to see if the car had ever been in an accident. The Carfax was clean so he purchased the used car for $14,700. He put $1,600 down and financed the rest with a 48-month, 8.0% loan. What is his monthly car payment by table lookup? (Use Table 14.2) (Do not round intermediate calculations. Round your answer to the nearest cent.) Monthly payment es acer

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