On january 1, year 1, aj borrows $41,000 to purchase a new vehicle by agreeing to a 4.0%, 6-year loan with the bank. payments are due at the end of each month with the first installment (vehicle payment) due on january 31, year 1. after completing the problem, round your answers to the nearest dollar. when inputting the monthly interest rate do not round it (use the math function in the spreadsheet/financial calculator). a. determine the monthly vehicle payment (installment)? b. determine the interest expense for the first car payment? c. how much of the payment will decrease the amount owed (principal)? d. after the first vehicle payment is made the amount owed on the vehicle would be? e. determine interest expense for the second car payment $?

answer; /// i believe the correct answer is first in, first out(fifo); //

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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