1 answer

4. You were hoping that your trusty old Chevy would be your transportation through college. Unfortunately,...

Question:

4. You were hoping that your trusty old Chevy would be your transportation through college. Unfortunately, it had a serious b

4. You were hoping that your trusty old Chevy would be your transportation through college. Unfortunately, it had a serious breakdown, and thanks to its age, spare parts are not available. You have found a great Toyota Matrix for $5400. A friend has offered to loan you the money at 9% interest per year, charging simple interest. You will pay back the entire loan in 4 years after you graduate and get a good paying job. How much will you pay back to your friend? NOTE: This is an Excel problem. Please use the Excel spreadsheets from the Resource Center. Print the answer.

Answers

9% interest is charged per year.

Accordingly the interest formula for simple interest is: I= Prt

I = 5400 * 9% * 4

I = 1944

Thus the amount of money which will be repaid is 1944 + 5400 = 7344.

.

Similar Solved Questions

1 answer
Please help this is for a grade!! A series of cash flows may not always necessarily...
Please help this is for a grade!! A series of cash flows may not always necessarily be an annuity. Cash flows can also be uneven and variable in amount, but the concept of the time value of money will continue to apply. Consider the following case: The Purple Lion Beverage Company expects the foll...
1 answer
In posting a cash payment on account to a supplier of $1,800, the bookkeeper correctly credited...
In posting a cash payment on account to a supplier of $1,800, the bookkeeper correctly credited cash for $1,800 but forgot to make the appropriate entry to accounts payable. What is the impact of this error on the trial balance, the cash account, and the accounts payable account? Group of answer cho...
1 answer
5. (20 points) (a) (5 points) Give an equation in polar coordinates that represents the circle...
5. (20 points) (a) (5 points) Give an equation in polar coordinates that represents the circle below y 4 –6 -4 4 6 -4 (b) (10 points) Find the area contained within the circle given in part (a) by using the definite integral for area in polar coordinates (c) (5 points) Use the definition of th...
1 answer
Your organization currently has operations in Ontario, New Brunswick and Alberta. The organization is planning on...
Your organization currently has operations in Ontario, New Brunswick and Alberta. The organization is planning on expanding into the provinces of Manitoba and British Columbia within the next six months. The Manager of Finance has asked you for information on the health care funding methods used in ...
1 answer
1. The voltage difference between the plates depends on (select all that apply) a. the area...
1. The voltage difference between the plates depends on (select all that apply) a. the area of the plates b. the distance between the plates c. the charge on the plates d. the conductivity of the plates e.the sensitivity of the plates 2. The capacitance of a parallel plate capacitor depends on (sele...
1 answer
A small bead with a mass m = 15.0 g slides along the frictionless wire form...
A small bead with a mass m = 15.0 g slides along the frictionless wire form shown in the figure. The three heights hA = 7.70 m, hB = 5.50 m, and hC = 2.90 m are all measured from the floor. The bead is released from rest at point A. a) What is the speed of the bead at points B and C? vB = ____ m...
1 answer
3. For a Texas lottery game, Cash Five, 5 integers are selected randomly out of the...
3. For a Texas lottery game, Cash Five, 5 integers are selected randomly out of the first 37 positive integers. The following table lists the numbers of odd integers out of each set of five integers selected in 100 consecutive drawings in 2008; 3 4 2 4 3 2 3 5 3 0 2 3 431 2 401 2 3 2 0 1 3 2 1 13 3 ...
1 answer
Exercise 5 Atmospheric Moisture and Adiabatics Each question worth 1 point unless otherwise noted, for a...
Exercise 5 Atmospheric Moisture and Adiabatics Each question worth 1 point unless otherwise noted, for a possible total of 44 points. Introduction The abundance of water in the Earth-atmosphere system is what makes Earth unique among the planets of our solar system. Moreover, water itself is a uniqu...
1 answer
6. MATLAB problem: A filter has the following specifications: Pass band edge = 0.3π. Stop band...
6. MATLAB problem: A filter has the following specifications: Pass band edge = 0.3π. Stop band edge = 0.5π. 20log10(?????????=?????) = - 40 dB. Design this filter using various IIR and FIR methods using MATLAB. Make a "brief" statement comparing the designs....
1 answer
A bag contains a mixture of copper and lead BBs
A bag contains a mixture of copper and lead BBs. the Average density of the BBs is 9.50g/cm^3. Assuming that the copper and lead are pure determine the relative amounts of each kind of BB...
1 answer
Socioeconomic status when considered as a "person variable" includes all of the following EXCEPT: Group of...
Socioeconomic status when considered as a "person variable" includes all of the following EXCEPT: Group of answer choices Income level Education level Type of occupation Race/ethnicity...
1 answer
Haw uw loucaty ou tis tmansfons af the tanting materials should be part of the product....
haw uw loucaty ou tis tmansfons af the tanting materials should be part of the product. The solution should be short....
1 answer
A photon is emitted when an excited electron relaxes to a lower energy state. What is...
A photon is emitted when an excited electron relaxes to a lower energy state. What is the shift in energy and wavelength for that photon when in the presence of a magnetic field versus when it is not?...
1 answer
Check my work Selling Price $43.00 Sales Volume 2,200 3,200 Variable Cost 15 16 17 15...
Check my work Selling Price $43.00 Sales Volume 2,200 3,200 Variable Cost 15 16 17 15 16 17 15 16 17 4,200 Profitability $ 14,400 42,400 $70,400 $98,400 $126,400 66,200 10,000 36, 000 62,000 88,000 114,000 60,400 56,200 52,000 (5,600) 22,400 50,400 78,400 106,400 (7,800) 19,200 46,200 73,200 100,200...
1 answer
2) Draw the missing products
2) Draw the missing products...
1 answer
Taxation - Code 351 Problem: Transfer to corporation controlled by transferor Please help me figure out...
Taxation - Code 351 Problem: Transfer to corporation controlled by transferor Please help me figure out the tax effects to both the shareholder and corporation. (What's each shareholder's recognized gain or loss, basis in their shares and the company's basis in the assets). All assets an...
1 answer
Consider the following reaction . a) Provide the IUPAC name of the reactant. b) Identify the...
Consider the following reaction . a) Provide the IUPAC name of the reactant. b) Identify the configuration of the reactant . Show the detailed working steps. c) Draw the 3D structure for the major product expected to be formed. d) Draw the reaction mechanism. e) What is the effect on rate of reacti...
1 answer
Wayne Company uses a job costing system and applies overhead to jobs using a predetermined overhead...
Wayne Company uses a job costing system and applies overhead to jobs using a predetermined overhead rate based on direct labor-hours. The company had the following inventories at the beginning and end of March:    Wayne Company uses a job costing system and applies overhead to jobs using a...