A loan of $2,500 was repaid at the end of 10 months with a check for $2,812.50.

Question:

A loan of $2,500 was repaid at the end of 10 months with a check for $2,812.50. What annual rate of interest was charged?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

College Mathematics For Business Economics Life Sciences And Social Sciences

ISBN: 9780321945518

13th Edition

Authors: Raymond Barnett, Michael Ziegler, Karl Byleen

See More Books

Question Posted: Dec 09, 2023 08:52 PM

See More Questions

The Rule of 78's is a computing used method of computing the amount of interest when the balance of a is repaid in advance. Adding the numbers representing 12 months gives 1 + 2 + 3 + 4 + 5 + . . . +...
You believe that company ABC's stock price will not move much in the next month. Current stock price is $40. Six one-month options are traded: calls and puts with strike price $35, $40, and $45....
A loan of $10,000 was repaid at the end of 6 months. What amount (principal and interest) was repaid, if a 6.5% annual rate of interest was charged?
Local 54 has retained James Love to represent it in a grievance against Dilated Peoples Optical Inc. The union is grieving the employers decision to exclude from the bargaining unit the position of...
Determining materials price and usage variances Gwen's Florals produced a special Mother's Day arrangement that included six roses. The standard and actual costs of the roses used in each arrangement...
The current assets and current liabilities of JAE Company on December 31, 2019 and 2018, are as follows. The corporations net income for 2019 was $50,000. Included in its expenses was depreciation of...
What impact does associate stress have on organizational and individual effectiveness? Why is stress so costly for organizations? LO5
Journalize the entries to record the following selected bond investment transactions for Starks Products: a. Purchased for cash $120,000 of Iceline, Inc. 5% bonds at 100 plus accrued interest of...
Assume that stock index sells for $1,000 and there is no dividend payment for the index. The effective risk-free rate is 5 percent. Determine the strategy that provides you to buy the index in for...
Guaranty Income Life offered an annuity that pays 6.65% compounded monthly. If $500 is deposited into this annuity every month, how much is in the account after 10 years? How much of this is interest?
In Problems 2126, use the given annual interest rate r and the compounding period to find i, the interest rate per compounding period. 3.2% compounded semiannually.
What is the Rico Net Worth Method based upon? a. Generally Accepted Accounting Principals b. Internal Revenue Code c. Fund Principals d. Court principals
Childhood leukemia, a hematological malignancy, is the most common form of childhood cancer, representing 29% of cancers in children aged 0 to 14 years in 2018. Imagine that you work in the State...
Question 1 Approximating functions using linear functions or higher degree polynomials is a very useful scientific tool! This concept generalizes to Taylor Polynomials, but is most simply illustrated...
Find the volume of the solid of revolution formed by rotating the specified region R about the x axis. Volume Formula Suppose f(x) is continuous and f(x) 0 on a x b, and let R be the region under the...
As machines get older, the cost of maintaining them tends to increase. Suppose for a particular machine, the rate at which the maintenance cost is increasing is approximated by the function C' (t) =...
At Edsel Automotive, the management team is planning to expand one of its plants by adding a new assembly line for sport utility vehicles (SUVs). The cost of setting up the new SUV assembly line is...
What product(s) would result from nitration of each of the following compounds? a. Propylbenzene b. Bromobenzene c. Benzaldehyde d. Benzenesulfonic acid e. Cyclohexylbenzene f. Benzonitrile
In Exercises 1-2, rewrite each verbal statement as an equation. Then decide whether the statement is true or false. Justify your answer. 1. The logarithm of the difference of two numbers is equal to...
Match each system in Problem with one of the following graphs, and use the graph to solve the system. -x + 2y = 5 2x + 3y = -3 -5 (A) (B)
In Problem perform the indicated operation, if possible. 2 -3 2] -2]
In Problem perform the operations that are defined, given the following matrices: AD 1 2 2 B = 1 C = [2 3] D = A 3
Javier is currently paying $1,200 in interest on his credit cards annually. If, instead of paying interest, he saved this amount every year, how much would he accumulate in a tax-deferred account...
Your company is considering the purchase of a fleet of cars for $195,000. It can borrow at 6%. The cars will be used for four years. At the end of four years they will be worthless. You call a...
Saly paid $52,000 a year paid on a weekly basis. last pay she had $250 withheld in Income Tax, $48.97 for CPP and $15.80 for EI. an additional $and 25.00 in tax are deducted each pay. She allowed to...

A loan of $2,500 was repaid at the end of 10 months with a check for $2,812.50.

Question:

Step by Step Answer:

The annual interest rate is 015 r AP 1 12t where r is the a...View the full answer

College Mathematics For Business Economics Life Sciences And Social Sciences

Students also viewed these Mathematics questions