Answer: $2,745
Explanation:
Proceeds from short sale net of commission is ;
= Number of shares sold * ( Market price of shares - Commission paid)
= 100 * (27.70 - 0.25)
= $2,745
Sony introduces a new compact music player to compete with Apple's iPod that carries a two-year warranty against manufacturer's defects. Based on industry experience with similar product introductions, warranty costs are expected to be approximately 3% of sales. By the end of the first year of selling the product, total sales are $29.4 million, and actual warranty expenditures are $140,000. What amount (if any) should Sony report as a liability at the end of the year
Answer:
the warranty liability is $742,000.
Explanation:
The computation of the warranty liability is as follows;
= Expected warranty liability - actual warranty expenditure
= ($29.4 million × 3%) - $140,000
= $882,000 - $140,000
= $742,000
Hence, the warranty liability is $742,000.
It could be come by applying the above formula so that the accurate amount could arrive
Assume the following information for a company with only two products: Product A Product B Total Sales $ 600,000 $ 400,000 $ 1,000,000 Variable expenses $ 200,000 $ 100,000 $ 300,000 If the break-even sales point is $580,000, then what is the total amount of fixed expenses
Answer: $406,000
Explanation:
The following can be deduced from the question:
Total sales = $1,000,000
Variable cost = $300,000
Contribution = Sales - Variable cost
= $1,000,000 - $300,000
= $700,000
Contribution ratio = $7000,00/$1,000,000 × 100 = 70%
Fixed cost = $580,000 × 70%
= $580,000 × 0.7
= $406,000
One hundred identical mortgages are pooled together into a pass-through security. Each mortgage has a $150,000 principal, a fixed annual interest rate of 8 percent (paid monthly), and is fully amortized over a term of 30 years. What is the monthly payment on the mortgage pass-through
Answer:
The monthly payment on the mortgage pass-through is $110,064.69.
Explanation:
The monthly payment on the mortgage pass-through can be calculated using the formula for calculating the present value of an ordinary annuity as follows:
PV = M * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)
Where;
PV = Present value or principal of the pass-through = 100 * $150,000 = $15,000,000
P = Monthly payment on the mortgage pass-through = ?
r = monthly interest rate = fixed annual interest rate / 12 = 8% / 12 = 0.08 / 12 = 0.00666666666666667
n = number of months = 30 years * 12 months = 360
Substitute the values into equation (1) and solve for M, we have:
$15,000,000 = M * ((1 - (1 / (1 + 0.00666666666666667))^360) / 0.00666666666666667)
$15,000,000 = M * 136.283494133963
M = $15,000,000 / 136.283494133963
M = $110,064.69
Therefore, the monthly payment on the mortgage pass-through is $110,064.69.
The following information is taken from Reagan Company's December 31 balance sheet: Cash and cash equivalents $ 10,319 Accounts receivable 79,922 Merchandise inventories 69,862 Prepaid expenses 6,000 Accounts payable $ 16,850 Notes payable 96,138 Other current liabilities 11,400 If net credit sales for the current year were $602,000, the firm's days' sales uncollected for the year is: (Use 365 days a year.)
Answer:
49 days
Explanation:
Account receivable turnover ratio = Net credit sales / Accounts receivable
Account receivable turnover ratio = $602,000 / $79,922
Account receivable turnover ratio = 7.53
Average collection period = 365/7.53
Average collection period = 48.47277556440903
Average collection period = 49
Thus, firm’s sales uncollected for year is 49 days.
The costs of organizing a corporation include legal fees, fees paid to the state of incorporation, fees paid to promoters, and the costs of meetings for organizing the promoters. These costs are said to benefit the corporation for the entity's entire life. These costs should be:_______
Answer:
expensed as incurred
Explanation:
In accrual method of accounting, it is known that revenues are known when earned and expenses are known when incurred.
Expenses are simply said to be amounts incurred to bring about or generate revenue for an organization or firm, they include cost of goods sold, operating expenses, interest, and taxes.companies has different types of expenses incurred e. g overhead expenses.
Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Sheffield Corp. Balance Sheet December 31, 2022 Cash and cash equivalents $71500 Accounts payable $127500 Accounts receivable 93500 Salaries and wages payable 10000 Inventory 146000 Bonds payable 177500 Prepaid insurance 83000 Total liabilities $315000 Stock Investments 176000 Land 191500 Buildings $226500 Common stock $216500 Less: Accumulated depreciation (52500) 174000 Retained earnings 516000 Trademarks 112000 Total stockholders' equity $732500 Total assets $1047500 Total liabilities and stockholders' equity $1047500
Answer:
The total dollar amount of assets to be classified as property, plant, and equipment is $365,500.
Explanation:
In accounting, property, plant, and equipment are simply the fixed assets of an organization.
From the question, only Land and Buildings can be classified as property, plant, and equipment and their total dollar amount can be calculated based on the information from the question as follows:
Land = $191500
Buildings = $226500
Accumulated depreciation on Buildings = $52500
Buildings net book value = Buildings - Accumulated depreciation on Buildings = $226500 - $52500 = $174000
Therefore, we have:
Total dollar amount of property, plant, and equipment = Land + Buildings net book value = $191500 + $174000 = $365,500
Therefore, the total dollar amount of assets to be classified as property, plant, and equipment is $365,500.
Suppose you are holding a long position in a French franc futures contract that matures in 76 days. The agreed upon price is $0.15 for FF 250,000. At the close of trading today, the futures price has risen to $0.155. Under marking to market, you now a. hold a futures contract that has risen in value by $1,250 b. hold a futures contract that has fallen in value by $625 c. will receive $1,250 and a new futures contract priced at $0.155 d. must pay over $1,250 to the seller of the futures contract
Answer: c. will receive $1,250 and a new futures contract priced at $0.155.
Explanation:
Based on the information given in the question, Under marking to market, since we've been informed that the future price has increased from $0.150 to $0.155, then a profit of $125 will be made.
= $0.005 x 250,000
= $1,250,
Since the futures price has risen to $0.155, under marking to market, you now will receive $1,250 and a new futures contract priced at $0.155
stock a has an expected return of 20%; stock b has an expected return of 5%, what is the ecpected return on a portfolio is comprised of 67% of stock a and 33% of stock b
Answer: 15.05%
Explanation:
Expected return is a weighted average of the individual returns of the composite stocks;
= (weight of A * return on A) + (weight on B * return on B)
= (67% * 20%) + (33% * 5%)
= 15.05%
You founded your own firm three years ago. You initially contributed $200,000 of your own money and in return you received 2 million shares of stock. Since then, you have sold an additional 1 million shares of stock to angel investors. You are now considering raising capital from a venture capital firm. This venture capital firm would invest $5 million and would receive 4 million newly issued shares in return. After the venture capitalist's investment, the post-money valuation of your shares is closest to
Answer:
$5 million
Explanation:
Calculation for the post-money valuation of your shares
First step is to calculate the total shares outstanding after the venture capitalist's investment:
Total shares = 2 million shares + 1 million shares + 4 million shares
Total shares = 7 million shares
Second step is to calculate the Amount paid by venture capitalist
Using this formula
Amount paid by venture capitalist = Total value / Number of shares purchased
Let plug in the formula
Amount paid by venture capitalist = $5 million / 4 million shares
Amount paid by venture capitalist = $1.25 per share
Last step is to calculate the post-money valuation
Using this formula
Post-money valuation = Amount paid by venture capitalist * Shares subscribed
Let plug in the formula
Post-money valuation = $1.25 * 4 million shares
Post-money valuation = $5 million
Therefore After the venture capitalist's investment, the post-money valuation of your shares is closest to$5 million
Question 1: Peking Duct Tape Company has outstanding a $1,000-face-value bond with a 14 percent coupon rate and 3 years remaining until final maturity. Interest payments are made semiannually. What value should you place on this bond if your nominal annual required rate of return is 14 percent?
Answer:
Price Value of bond = $1,000
Explanation:
Given:
Face value = $1,000
Coupon rate = 14% yearly
Semi-annual rate = 14 / 2 = 7%
Number of year = 3
Semi-annual year = 3 x 2 = 6
Computation:
pmt(Semi-annual) = (coupon rate x face value)/2
pmt(Semi-annual) = (14% x 1000)/2
pmt(Semi-annual) = 140/2
pmt(Semi-annual) = $70
By using PV formula
=PV(rate,nper,pmt,fv,type) , [Semi-annual]
=PV(7%,6,70,1000,0)
Price Value of bond = $1,000
There may be a maximum balance requirement for a savings account.
True
False
Answer:
true
Explanation:
For example, if a bank account has a $100 minimum balance requirement, you want to make sure that you don't let your balance fall to $99.99 or less.
Oozyil623 Corporation's third quarter budgeted sales and production numbers are below: July August September Sales in units 46,500 58,500 ? Production in units 47,050 58,800 63,150 (ID#68805) Oozyil623 has 5,300 units of product on hand at July 1. 10% of the next month's sales in units should be on hand at the end of each month. October sales are expected to be 78,000 units. Q) What are the budgeted sales for September (in units)?
Answer:
the budgeted sales for September is 61,500 units
Explanation:
The computation of the budgeted sales for the month of September is as follows:
let us assume sales for september be x
Now as we know that
Units produced in September= Ending Inventory + Units Sold - Beginning inventory
63,150 = [78,000 × 0.10] + x - [ x × 0.10]
63,150 = 7,800 + x - 0.10 x
55,350 = 0.9x
x = 61,500
Hence, the budgeted sales for September is 61,500 units
Mountain View Resorts purchased equipment at the beginning of 2021 for $48,000. Residual value at the end of an estimated four-year service life is expected to be $8,700. The machine operated for 2,300 hours in the first year and the company expects the machine to operate for a total of 11,000 hours over its four-year life. Calculate depreciation expense for 2021, using each of the following depreciation methods: (1) straight-line, (2) double-declining-balance, and (3) activity-based.
Mountain View Resorts purchased equipment at the beginning of 2021 for $46,000. Residual value at the end of an estimated four- year service life is expected to be $6,100.
please mark as brainlist pleaseAdditional short-term borrowings $44,000
Purchase of short-term stock investments 11,100
Cash dividends paid $35,600
Interest paid 17,800
Required:
Compute cash flows from financing activities using the above company information.
Answer: $8,400
Explanation:
Financing cashflow relates to transactions concerning debt and equity as these are the capital vehicles for a company. Dividends concern Equity and so are included as a Cash outflow. Interest however, is classified an operating activity.
Cashflow from financing activities;
= Additional short-term borrowings - Cash dividends paid
= 44,000 - 35,600
= $8,400
A regular checking account commonly earns interest true or false
Answer: False
Explanation: Traditionally, checking accounts are not interest-bearing accounts as savings accounts are, as they're designed for short-term cash that you'll spend soon. Savings accounts are better-known for earning interest, but these accounts ordinarily limit how often you can make certain withdrawals from the account.
Hope this helps! Brainlist?
Assuming that money is worth 10%, compute the present value of:
a. $15,000 received 15 years from today.
b. The right to inherit $4,250,000 14 years from now.
c. The right to receive $11,000 at the end of each of the next six years.
d. The obligation to pay $10,000 at the end of each of the next 10 years.
e. The right to receive $9,000 at the end of the 7th, 8th, 9th, and 10th years from today.
Answer:
a. ($3,590)
b. ($1,119,158)
c. ($47,908)
d. ($61,446)
e. $17,714
Explanation:
We use the Time Value of Money to compute the Present Value. Present Value is the Worth in Today`s Money of the Cash Flow Streams expected or to be received in the future.
Calculation of the Present Value for each case is shown below :
a.
FV = $15,000
N = 15
P/YR = 1
PMT = $0
I = 10 %
PV = ?
Using a Financial Calculator to Inpute the Values as above, the Present Value will be ($3,590)
b.
FV = $4,250,000
N = 14
P/YR = 1
PMT = $0
I = 10 %
PV = ?
Using a Financial Calculator to Inpute the Values as above, the Present Value will be ($1,119,158)
c.
FV = $ 0
N = 6
P/YR = 1
PMT = $11,000
I = 10 %
PV = ?
Using a Financial Calculator to Inpute the Values as above, the Present Value will be ($47,908)
d.
FV = $ 0
N = 10
P/YR = 1
PMT = - $10,000
I = 10 %
PV = ?
Using a Financial Calculator to Inpute the Values as above, the Present Value will be ($61,446)
e.
$ 0 CFj
$ 0 CFj
$ 0 CFj
$ 0 CFj
$ 0 CFj
$ 0 CFj
$9,000 CFj
$9,000 CFj
$9,000 CFj
$9,000 CFj
Shift NPV $17,714
This part of the question has uneven Cash Flows, so i used the CFj Function on the Financial to calculate the Net Present Value (NPV)
A well-known fashion brand in Pakistan recently faced a scandal. The owner's husband got arrested for allegedly sending their employee away upon diagnosis of Corona virus. The Police claimed the designer and her husband should have notified the authorities and admitted the sick employee to a hospital. However, the couple claimed their duty was to just send the employee away after guiding him. The husband got released the very next day for which they thanked Prime Minister.
Answer:
ok
Explanation:
is this real ?? when did this happen ?
Consider a Bertrand duopoly. Market demand is P(Q)=41-3Q, and each firm faces a marginal cost of $6 per unit. What is the sum of both firms' revenue in the Nash equilibrium? Enter a number only, no $ sign.
Answer:
$70.14
Explanation:
The Bertrand duopoly condition (Nash equilibrium condition) be: P =MC
Here, P = 41 - 3Q
P = MC
41 - 3Q = 6
3Q = 41-6
3Q = 35
Q = 35 / 3
Q = 11.6667
Q = 11.67
Total demand (Q) = Q1 + Q2 (Q1 = Firm 1 Output, Q2 = Firm 2 Output)
Q = Q1 + Q2
11.67 = Q1 + Q2
So price be: P = MC ==> P = 6
Sum of both firm revenue = (Price)*Total quantity)
= $6 * (Q)
= $6 * (Q1 + Q2)
= $6 * (11.69)
= $70.14
So therefore, the sum of both firms' revenue in the Nash equilibrium is 70.14
Q1. Big Money Monster is a business school. The school bases its budgets on two measures of activity: number of students and number of courses. The school uses the following data in its budgeting: Fixed cost per month Variable cost per student Variable cost per course Faculty wages $4,000 $0 $20 Course supplies $1,000 $10 $50 Administrative expenses $2,000 $20 $30 In July, the school budgeted for 300 students and 15 courses. Actual results for the month appear below: Number of Students 280 Number of Courses 18 Faculty wages $4,200 Course supplies $4,800 Administrative expenses $8,300 What is the spending variance for course supplies (choose the closest answer)
Answer:
Big Money Monster
The spending variance for course supplies is:
$50 Unfavorable.
Explanation:
a) Data and Calculations:
Fixed cost Variable cost Variable cost Total
per month per student per course
Faculty wages $4,000 $0 $20
Course supplies $1,000 $10 $50
Administrative expenses $2,000 $20 $30
Budgeted number of students = 300
Budgeted number of courses = 15
Actual number of students = 280
Actual number of courses = 18
Actual Faculty wages = $4,200
Actual Course supplies = $4,800
Budgeted Costs:
Fixed cost Variable cost Variable cost Total
per month per student per course
Faculty wages $4,000 $0 $20 $4,300
Course supplies $1,000 $10 $50 4,750
Administrative expenses $2,000 $20 $30 8,450
Budgeted costs:
Faculty wages = $4,000 + $0 + $20 * 15 = $4,300
Course supplies = $1,000 + $10 * 300 + $50 * 15 = $4,750
Administrative expenses = $2,000 + $20 * 300 + $30 * 15 = $8,450
Budgeted Cost of Course Supplies = $4,750
Actual Cost of Course Supplies = 4,800
Spending variance for Course Supplies = 50 Unfavorable
On June 1 of the current year, Tab converted a machine from personal use to rental property. At the time of the conversion, the machine was worth $80,000. Five years ago, Tab purchased the machine for $120,000. The machine is still encumbered by a $50,000 mortgage. What is the basis of the machine for cost recovery
Answer: $80,000
Explanation:
Based on the scenario and the information given in the question, to calculate the basis of the machine for cost recovery, we have to choose the the one which is lower of the cost of the machine or the FMV when it was being converted.
In this case, the basis of the machine for cost recovery is $80,000
Roy agrees to work as a financial advisor on a commission basis for Secure Investments, Inc., and signs an employment contract that includes an arbitration clause. A dispute arises over the amount of Roy's commission. Roy files a suit against Secure Investments, seeking $25,000 in unpaid commissions and $50,000 in other damages. Secure Investments insists that the parties submit the dispute to arbitration. On what Roy believes is insufficient evidence, the arbitrator awards Roy only $500 and issues a written opinion that includes an erroneous finding of fact and a mistaken conclusion of law. Can Roy successfully challenge this award in court
Answer:
Yes. Roy can successfully challenge this arbitration award in court.
Explanation:
According to the law, an arbitration clause is a part of the contract between Roy and Secure Investments, Inc. that deals with these parties' rights and options in the event of a legal dispute over their contract. Like in most arbitration clauses, Roy and Secure Investments, Inc. must have agreed not to sue each other but instead, to resolve their disputes through the arbitration process. But the res judicata effect produced through an arbitration can either be challenged and appealed against or enforced. Roy, depending on the merits of his case, can make a successful appeal against the arbitration award and not against the arbitration itself.
Bonita Clinic purchases land for $175900 cash. The clinic assumes $1700 in property taxes due on the land. The title and attorney fees totaled $900. The clinic has the land graded for $2000. What amount does Bonita Clinic record as the cost for the land
Answer:
$188,600
Explanation:
Cost for the land = Purchases Cost + Taxes + Attorney fee + Land graded cost
Cost for the land = 175,900 + 1,700 + 9000 + 2,000
Cost for the land = $188,600
So, the amount Bonita Clinic will record as the cost for the land is $188,600
A manager must decide how many machines of a certain type to buy. The machines will be used to manufacture a new gear for which there is increased demand. The manager has narrowed the decision to two alternatives: buy one machine or buy two. If only one machine is purchased and demand is more than it can handle, a second machine can be purchased at a later time. However, the cost per machine would be lower if the two machines were purchased at the same time. The estimated probability of low demand is .30, and the estimated probability of high demand is .70. The net present value associated with the purchase of two machines initially is $75,000 if demand is low and $130,000 if demand is high. The net present value for one machine and low demand is $90,000. If demand is high, there are three options. One option is to do nothing, which would have a net present value of $90,000. A second option is to subcontract; that would have a net present value of $110,000. The third option is to purchase a second machine. This option would have a net present value of $100,000. How many machines should the manager purchase initially
Answer:
BUY TWO MACHINES
Explanation:
Calculation for how many machines should the manager purchase initially
BUY ONE MACHINE =(High demand 0.7*100,000)+(Low demand 0.3*90,000)
BUY ONE MACHINE =70,000+27,000
BUY ONE MACHINE=97,000
Note :High demand 100,000 is the Average of Do nothing ,Tomorrow Sub-contract and Buy second machine
High demand=90,000+110,000+100,000
High demand=300,000/3
High demand=100,000
BUY TWO MACHINES
High demand =(0.7 x 130000)
High demand= 91,000
Low demand= (0.3 x 75000)
Low demand=22,500
Hence,
BUY TWO MACHINES= (91,000 + 22,500)
BUY TWO MACHINES=113,500
Based on the above calculation we can see that
the expected payoff from BUY ONE MACHINE is 97,000 while that of BUY TWO MACHINES is 113,500 which means that BUY TWO MACHINES is higher hence, the manager should BUY TWO MACHINES today.
A Japanese investor can earn a 1 percent annual interest rate in Japan or about 4.1 percent per year in the United States. If the spot exchange rate is 101 yen to the dollar, at what one-year forward rate would an investor be indifferent between the U.S. and Japanese investments? a. 95.99 b. 96.99 c. 97.99 d 98.99 e. 99.99 f. 100.99 g. 101.99 h. 102.99 yens per dollar
Answer: 97.99
Explanation:
The one-year forward rate that an investor would be indifferent between the U.S. and Japanese investments will be:
= Spot rate × (1 + Japanese rate / 1 + U.S rate)
= 101 × (1 + 1% / 1 + 4.1%)
= 101 × [(1 + 0.01) / (1 + 0.041)]
= 101 × (1.01/1.041)
= 101 × 0.9702209
= 97.99
If an agent has, within the scope of the agency relationship, committed both negligent and intentional acts resulting in injury to third parties, the principal: Group of answer choices may effectively limit his or her liability to those third parties if the agent has signed a disclaimer absolving the principal from liability. may be liable for both the negligent and intentional acts. will be liable under the doctrine of respondeat superior only for the intentional acts of the agent. will never be liable unless he or she actively participated in the acts.
Answer:
may be liable for both the negligent and intentional acts.
Explanation:
In the case when an agent is within the scope of agent relationship that committed both type of acts i.e. negligent and intentional that results the injury to the third party so here the principal may be liable for both the act i.e. negligent and intentional as it is followed by the doctrine of respodeat superior
Therefore the second option is correct
A manager wants to determine the number of containers to use for incoming parts for a kanban system to be installed next month. The process will have a usage rate of 71 pieces per hour. Because the process is new, the manager has assigned an inefficiency factor of .16. Each container holds 41 pieces and it takes an average of 50 minutes to complete a cycle. a-1. How many containers should be used
Answer:
the number of containers that should be used is 1.67 containers
Explanation:
The computation of the number of containers that should be used is as follows;
= Annual demand × time × (1 + inefficiency factor) ÷ holding pieces
= 71 × 0.83 × (1 + 0.16) ÷ 41
= 1.67 containers
Here The time is converted from minutes to hour i.e
= 50 minutes ÷ 60 minutes
= 0.83
Hence, the number of containers that should be used is 1.67 containers
Suppose that the country of Libraria made a concerted effort to increase the educational level of its people. If this effort had no effect on the wages of its workers, one might consider this as evidence in support of a. the human-capital view of education. b. the signaling view of education. c. both the human-capital and the signaling view of education. d. neither the human-capital nor the signaling view of education.
Answer:
If this effort had no effect on the wages of its workers, one might consider this as evidence in support of:
d. neither the human-capital nor the signaling view of education.
Explanation:
The human capital view of education argues that education increases workers' productivity, which also affects some increase in workers' wages. The signaling view states that education passes a message about workers' various innate abilities to potential employers. This implies that the focus of the signaling view or theory is not the effect of education on the students but the message communicated in the labor market.
5 poin
What do we call an interest-bearing account at a bank that pays a higher
interest rate than a regular savings account? *
Checking Account
Stocks
Money market
None of the above
PLEASEEE
Answer:
Money market account
Explanation:
Money market deposit account MMDA are high earning saving accounts offered by banks and credit unions. Financial institutions require a minimum amount to open an MMDA account. Customers are also required to maintain a specified balance in their accounts at all times. Withdrawals from money market deposit accounts are restricted.
Money market account pays a higher interest because financial institutions use the deposit from these accounts to invest in short-term money market securities. Examples of Money market securities include commercial papers, certificates of deposits, and treasury bills. They often offer high returns. The interest rates offered on MMDA is influenced by the interest earned on the money market securities.
Service variability means that ________. Group of answer choices services cannot be stored for later sale or use service quality depends on when, where, and how they are provided services cannot be seen, tasted, felt, heard, or smelled before they are bought services can be separated from their providers the evaluation of services is subjective and changes from customer to customer
Answer:
✓Services cannot be stored for later sale or use.
✓service quality depends on when, where, and how they are provided
Explanation:
Service variability can be explained as changes that occurs in quality of the same service as a result of the service coming from different vendors. This variation in change is as a result of nature of service, the time that is been
provided, as well as method bof delivery.I t should be noted that Service variability means that services cannot be stored for later sale or use and service quality depends on when, where, and how they are provided
Someone offers to buy your car for four, equal annual payments, beginning 2 years from today. If you think that the present value of your car is $9,000 and the interest rate is 10%, what is the minimum annual payment that you would accept
Answer:
$3,123.13
Explanation:
we must first determine the price of our car in 1 year = $9,000 x (1 + 10%) = $9,900
this will be the present value of the ordinary annuity (4 equal annual payments)
$9,900 = annual payment x PV annuity factor
PV annuity factor, 10%, 4 periods = 3.1699
annual payment = $9,900 / 3.1699 = $3,123.13
According to the above equation, the minimum annual payment that would need to accept is $3,123.13.
What is the minimum annual payment?
Given Information:
Present value=$9,000Interest rate=10%Firstly, determine the price of our car in 1 year = $9,000 x (1 + 10%) = $9,900
Moreover, this will be the present value of the ordinary annuity (4 equal annual payments)
$9,900 = annual payment x PV annuity factor
PV annuity factor, 10%, 4 periods = 3.1699
Annual payment = $9,900 / 3.1699 = $3,123.13
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