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Because of a job change, Bob has just relocated to the southeastern United States. He sold his furniture before he moved, so he’s now shopping for new furnishings. At a local furniture store, he’s found an assortment of couches, chairs, tables, and beds that he thinks would look great in his new two-bedroom apartment; the total cost for everything is $6,400. Because of moving costs, Bob is a bit short of cash right now, so he’s decided to take out an installment loan for $6,400 to pay for the furniture. The furniture store offers to lend him the money for 48 months at an add-on annual interest rate of 6.5 percent. The credit union at Bob's firm also offers to lend him the money—they’ll give him the loan at an interest rate of 6 percent simple, but only for a term of 24 months. Both Plans require monthly payments with zero balance at the end of the loan.
a. Determine the APR for both loans.
b. How would the APR of the Credit Union loan change, if it was an interest only loan with a lump sum payment at the end of two years and not an installment loan?
Overhead is applied on the basis of machine hours. It takes 3 machine hours to produce a large doll house and 2 machine hours to produce a small doll house. EDHC produces 2,000 large doll houses and 10,000 small doll houses in a year. Total manufactu..
Explain the following concepts: statutory tax incidence, economic tax incidence, tax shifting, and tax wedge.
The Role of Financial Management in a Firm
Quitmeyer Electronics Incorporated manufactures the following six microcomputer peripheral devices: internal modems, external modems, graphics circuit boards, CD drives, hard disk drives, and memory expansion boards. Device Revenue per unit sold ($) ..
It will cost $3,900 to acquire a small ice cream cart. Cart sales are expected to be $3,100 a year for five years. After the five years, the cart is expected to be worthless as that is the expected remaining life of the cooling system. What is the pa..
What are some of the factors that shape a predisposition to the use of unethical tactics? How can we effectively respond to the use of unethical practices?
You have a client that wants you to build them a bond portfolio that has no default risk and a target date of 13 years. (Their 5-year old child will attend college in 13 years. You are responsible for their college savings.) The client wants to inves..
brown ltd operates outdoor amusement centres in a number of country towns. the company has decided to build another
ABC Trucking's balance sheet shows a total of noncallable $35 million long-term debt with a coupon rate of 5.10% and a yield to maturity of 5.20%. The CFO thinks the WACC should be based on market value weights, but the president thinks book weights ..
A firm has a market value equal to its book value. Currently, the firm has excess cash of $300 and other assets of $6,200. Equity is worth $5,000. The firm has 500 shares of stock outstanding and net income of $720. What will the new earnings per sha..
A $150,000, 15-year, monthly payment mortgage loan carries an interest rate of 5.5%, plus three points. The points are financed. What is the lender’s expected annual yield if the loan is amortized over the full 15 years?
A stock futures contract is priced at $38.80. The stock has a dividend yield of 1.2 percent, and the risk-free rate is 2.45 percent. If the futures contract matures in eight months, what is the current stock price?
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