On April 1st, you will buy a boat for $500,000. You will pay $200,000 in cash at the time of purchase and borrow the remaining amount from the bank. This loan will be paid in four equal annual installments that include both the principal and 10 percent interest on the declining balance. Required: a) Determine the amount of the annual payment. b) Determine the total dollars of interest that you will pay for this loan. c) Determine the amount of interest that is included in the first payment. It is not necessary to complete an amortization schedule.

You are the manager of the packaging department in a cookie factory. (obviously, the packaging employees cannot eat the cookies that are transferred in during the period.) after your employees insert cookies into colorful packages (step 1) for display on store shelves, the packages of cookies are then boxed using cardboard cartons (step 2) for shipment to stores. each unit of product is represented by a carton of packaged cookies. the packaging department began the period with 1,000 units of cookies. during the period, 5,000 units of cookies were transferred in from the baking department and 5,500 units of cookies were transferred out to the finished goods department. the number of units of cookies in the ending inventory of the packaging department equals: