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 =...
-
Figure a, shows a uniform beam subject to a linearly increasing distributed load. The equation for the resulting elastic curve is (see Figure b) Use bisection to determine the point of maximum...
-
12 Find the prime factorization of the given number.
-
Search for Unrecorded Liabilities. The list of vouchers payable for Potter's Magic Shoppe at December 31 is as follows: Required: a. Prepare an audit plan for the audit of unrecorded liabilities for...
-
Jetson Spacecraft Corp. shows the following information on its 2011 income statement: sales = $390,000; costs = $295,000; other expenses = $7,900; depreciation expense = $19,900; interest expense =...
-
You have been asked to investigate some cost problems in the Assembly Department of Ruthenium Electronics Co., a consumer electronics company. To begin your investigation, you have obtained the...
-
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?
-
For 2019, Ashley has gross income of $38,350 and a $5,000 long-term capital loss. She claims the standard deduction. Ashley is 35 years old and unmarried with two dependent children. How much of...
-
The spot exchange rate for US and Japan is quoted as 105.33 ( per $). The US continuously compounded risk-free rate is 1.00%. Japan's continuously compounded risk-free rate is 0.15%. Calculate the...
-
Kimberley Anne Woltemas and Marc Prin are selling a branded health care pack. Their sales are around $30000 per month and credit terms are up to 60 days. Around 2% customers do not pay. Their margin...
-
Each year a local public high school allows the valedictorian of the senior class to deliver a speech at graduation. The school does not provide any guidelines beyond a 10 minute limit. This year,...
-
Briefly state the elements of financial statements along with their specific criteria of recognition as per IASB framework. You need to give at least an example for each of the elements.
-
Can social-media platforms like Twitter block or remove posts by particular people, based on the person's viewpoint? Generally, media companies are free to publish only material of their choosing....
-
What is the key difference in prospective reimbursement methods? How would hospital management policies differ for PPS methodologies of reimbursement?
-
5. Convert the following ERD to a relational model. SEATING RTABLE Seating ID Nbr of Guests Start TimeDate End TimeDate RTable Nbr RTable Nbr of Seats RTable Rating Uses EMPLOYEE Employee ID Emp...
-
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...
-
Se utiliza suavizacin exponencial simple para pronosticar lademanda. El pronstico anterior de 66 result ser cinco unidadesmenos que la demanda real. El siguiente pronstico es 67,5, lo queim 2 answers
-
Q7Q9 Exercise 7-37 (Algo) Prorate Over- or Underapplied Overhead (LO 7-3) Marian Manufacturing (2M) applies manufacturing overhead to jobs based on direct labor costs. For Year 2, 2M estimates its...
-
The Adam Manufacturing Company in Rochester, Minnesota, assembles and tests electronic components used in smartphones. Consider the following data regarding component T24 (amounts are per unit)...
Study smarter with the SolutionInn App