A loan company has been advertising on television a plan that allows people to borrow $1000 and
Question:
A loan company has been advertising on television a plan that allows people to borrow $1000 and make a payment of $10.87 per month. This payment is for interest only and includes no payment on the principal. What is the nominal annual interest rate that they are charging?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 37% (8 reviews)
P 1000 Interest Payment 1...View the full answer
Answered By
Pushpinder Singh
Currently, I am PhD scholar with Indian Statistical problem, working in applied statistics and real life data problems. I have done several projects in Statistics especially Time Series data analysis, Regression Techniques.
I am Master in Statistics from Indian Institute of Technology, Kanpur.
I have been teaching students for various University entrance exams and passing grades in Graduation and Post-Graduation.I have expertise in solving problems in Statistics for more than 2 years now.I am a subject expert in Statistics with Assignmentpedia.com.
4.40+
3+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
1.Does the U.S have an environment that allows people to make more money for their business opportunities versus other societies? 2. There are a couple of ways we can measure GDP. One of the ways is...
-
Mensa is an organization that allows people to join only if their IQs are in the top 2% of the population. a. What is the lowest Stanford-Binet IQ you could have and still be eligible to join Mensa?...
-
A manufacturer has been selling 1000 television sets a week at $450 each. A market survey indicates that for each $10 rebate offered to the buyer, the number of sets sold will increase by 100 per...
-
Your friend Jin is working at Company AUS Toys, an Australian manufacturing company, selling toys to Company Toy Shop. Company Toy Shop also buys toys from Company CNY Toys in China which has fixed...
-
A building code requires that a building be able to withstand a specific amount of wind pressure. The pressure P (in pounds per square foot) from wind blowing at s miles per hour is given by P =...
-
Fit a third-order Newtons interpolating polynomial to estimate log 10 using the data from Prob. 18.1.
-
This project demonstrates how Excel can be used to create a variety of useful documents for small businesses. a. Read the article A Do-It-Yourself Automated Invoicing System, by Jacob M. Rose, which...
-
Phelan Corporation and Keevin Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the...
-
Assertion: The various theoretical perspectives on the nature of personality have many overlapping connections BECAUSE Reasoning: All theoretical perspectives on the nature of personality are...
-
Milt Pearson, the president of Supergrip Corporation Limited (SCL), is concerned with the results achieved by SCL for the fiscal year ended May 31, 2010, and has called a meeting of the Executive...
-
A local lending institution advertises the "51-50 Club." A person may borrow $2000 and repay $51 for the next 50 months, beginning 30 days after receiving the money. Compute the nominal annual...
-
What effective interest rate per annum corresponds to a nominal rate of 12% compounded monthly?
-
How might the information collected through the control system be used on subsequent projects?
-
A project manager begins to prepare the project management plan after receiving the project charter. There is currently NO historical information in the project management office (PMO). What next...
-
Using the Floyd-Warshall Algorithm describe how you would determine if the graph has a negative weight Cycle. Explain your answer in detail?
-
Consider the following planes. x + y + z = 8, x+9y+9z 8 (a) Find parametric equations for the line of intersection of the planes. (Use the parameter t.) (x(t), y(t), z(t)) = ( (b) Find the angle...
-
I need help starting a final project, how to create an ERD based on a proposed solution about TechU's database solution.
-
Current Attempt in Progress On May 1, 2022. Sunland Corp. issued $850,000. 9%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements...
-
Interpret a statement of cash flows.
-
Parkin Industries, a U.S. company, acquired a wholly-owned subsidiary, located in Italy, at the beginning of the current year, for 200,000. The subsidiary's functional currency is the euro. The...
-
Assume that the Friendly Finance Company initially has the balance sheet shown on page 607 and that interest rates are initially at 8%. If the Friendly Finance Company raises an additional $20...
-
Four mutually exclusive revenue alternatives are being compared using the B/C method. Which alternative, if any, should beselected? Incremental B/C When Compared BIC Ratio with Alternative...
-
The city of St. Louis, Missouri, is considering various proposals regarding the disposal of used tires. All of the proposals involve shredding, but the charges for the service and the handling of the...
-
In an effort to improve productivity in a large semiconductor manufacturing plant, the plant manager decided to undertake on a trial basis a series of actions directed toward improving employee...
-
You purchased a machine for $1.12 million three years ago and have been applying straight-line depreciation to zero for a seven-year life. Your tax rate is 21%. If you sell the machine today (afte...
-
Problem 4 - 1 0 Continuous Compounding a . Compute the future value of $ 2 , 5 0 0 continuously compounded for 6 years at an APR of 1 1 percent. ( Do not round intermediate calculations and round...
-
V15 XV fx A B C D E LL F G H J K L M N 0 P 1 Di $5.00 2 51 10% 3 Terminal growth 5% 4 ROE 12% 5 Payout Ratio 30.00% 6 7 Priceo $250.00 8 Price $71.43 t 0 1 2 3 4 5 9 Dividend 0 $5.00 10 11 12 13 14...
Study smarter with the SolutionInn App