A Dealer Sold a Car to Kristy for $2000 Down

question 82

Multiple Choice

A dealer sold a car to Kristy for $2000 down and monthly payments of $259.50 for 3.5 years, including interest at 7.5% compounded annually. What was the selling price of the car?

• A) $9600
• B) $11 600
• C) $6012.50
• D) $12 899
• E) $10 899

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Definitions:

Consolidated Statement

A financial statement that aggregates the financial performance and position of a parent company and its subsidiaries.

Other Comprehensive Income

Revenues, expenses, gains, and losses that are not included in net income but affect equity.

Non-controlling Interest

A minority stake in a subsidiary not owned by the parent company, representing shareholders' equity in subsidiaries not wholly owned by the parent.

Corporations Act

Legislation that governs the functioning of corporations, including their formation, operation, governance, and dissolution.