A car dealer will sell you the $16,450 car of your dreams for $3,220 down and payments of $339

Finance Dec 18, 2020

A car dealer will sell you the $16,450 car of your dreams for $3,220 down and payments of $339.95 per month for 48 months. What is the total amount paid for both car and financing?

Expert Solution

Answer

Predetermined overhead rate for the year must have been closest to 15.35

Explanation

Pre-determined overhead rate= (Actual overhead- Underapplied overhead)/ Actual direct labor hour

= (216100- 1500)/ 14000

= 214600/ 14000

= 15.33

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