Business, 25.07.2020 21:01 jordaaan101

Corey buys 10 Tuff lift 4-post, 4.5-ton car hoists for his parking garage at a total cost of $410,000. He finances this with a five-year loan at 6.2% APR with monthly payments. After he has made the first 20 payments, how much is the outstanding principal balance on his loan

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Answer from: snikergrace

$291,707

Explanation:

Here first we need to determine the monthly payments using the "PMT" function in excel. The inputs are: rate = 7%/12, nper = 5 years*12 = 60 and PV = 414,000

Thus PMT(7%/12, 60, 414000) = $8,197.70

Now let's make a loan amortization table as shown below:

Month Loan left Monthly Interest Principal Loan balan

at the start payment at the end

of the month of the month.

1.414,000.008,197.70 2,415.00 5,782.70 408,217

2. 408,217.308,197.70 2,381.27 5,816.43 402,401

3. 402,400.888,197.70 2,347.34 5,850.36 396,551

4.396,550.528,197.70 2,313.21 5,884.48 390,666

5.390,666.038,197.70 2,278.89 5,918.81 384,747

6.384,747.228,197.70 2,244.36 5,953.34 378,794

7.378,793.888,197.70 2,209.63 5,988.07 372,806

8.372,805.828,197.70 2,174.70 6,023.00 366,783

9. 366,782.828,197.70 2,139.57 6,058.13 360,725

10.360,724.698,197.70 2,104.23 6,093.47 354,631 11.354,631.228,197.70 2,068.68 6,129.01 348,502

12. 348,502.218,197.70 2,032.93 6,164.77 342,337

13. 342,337.448,197.70 1,996.97 6,200.73 336,137

14. 336,136.728,197.70 1,960.80 6,236.90 329,900

15. 329,899.828,197.70 1,924.42 6,273.28 323,627

16. 323,626.548,197.70 1,887.82 6,309.87 317,317

17. 317,316.668,197.70 1,851.01 6,346.68 310,970

18. 310,969.988,197.70 1,813.99 6,383.70 304,586

19. 304,586.288,197.70 1,776.75 6,420.94 298,165

20. 298,165.338,197.70 1,739.30 6,458.40 291,707

Answer from: Quest

there's 11 people for the 1st position. then, no matter who gets it, there's only 10 left for the second, and then 9 left for the third. 11 x 10 x 9 = 990. the answer is there are 990 different ways the positions can be filled by these applicants

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

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Corey buys 10 Tuff lift 4-post, 4.5-ton car hoists for his parking garage at a total cost of $410,00...

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