In problem 5, Joshua borrowed $500 on January 1, 2012, and paid it all back at once
Question:
In problem 5, Joshua borrowed $500 on January 1, 2012, and paid it all back at once on December 31, 2012. What was the APR?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 87% (16 reviews)
55 finance charge 500 loan ...View the full answer
Answered By
Sandeep Jadhav
Qualified MBA from university of Pune. Having 8 years of experience in Corporate Training in the field of Finance and Capital Markets. Currently working with one of MNC as a Trainer in Financial Services.
I read a lot and try to learn. Regularly reading and writing articles on LinkedIn In.
I am very much passionate about teaching subjects in Capital markets and Finance.
0.00
0 Reviews
10+ Question Solved
Related Book For
Focus On Personal Finance
ISBN: 9780077861742
5th Edition
Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart
Question Posted:
Students also viewed these Business questions
-
Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service charge. What is the finance charge on this loan?
-
In problem 5, if Joshua paid the $500 in 12 equal monthly payments, what is the APR? Data from problem 5 Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service...
-
Dave borrowed $500 on January 1, 2017, and paid it all back at once on December 31, 2017. What was the APR?
-
In Exercises 7683, use a graphing utility to graph the function. Use the graph to determine whether the function has an inverse that is a function (that is, whether the function is one-to-one). f(x)...
-
If a firm needs to keep a minimum cash balance on hand and faces both cash inflows and outflows, which of the cash management models discussed in this chapter would be more appropriate for it to use?
-
Use Newtons method to find all roots of the equation correct to six decimal places.
-
What difficulties are involved in determining the controllable revenues of a division if the division has no dealings of any kind with other company divisions? LO.1
-
Using the given information, calculate the gross requirements for each of the components when the company plans to build 100 of its Q Models if you have these inventories: 150 units of component T...
-
7 On October 31, 2018, the bank statement shows that your company has $14.25673 in its checking account. You are aware of three outstanding checks that total of $4,062.19. During October 2018, the...
-
A steel wire AB is stretched between rigid supports (see figure). The initial prestress in the wire is 42 MPa when the temperature is 20°C. (a) What is the stress Ï in the wire when the...
-
Diane wants to purchase a home in the next five years. She knows how important a good credit score is for getting a lower interest rate. What are some ways she can continue to improve her credit...
-
Why is it important to avoid the minimum monthly payment trap?
-
In what ways do socioeconomic status and disability status affect people culturally?
-
Toro Corp. reports the following two years of balance sheets and some additional information. 2019 2018 Cash S 92,915 $ 31,355 Accounts receivable 94,000 80,850 Inventory 179,000 157,600 Prepaid...
-
The Westchester Chamber of Commerce periodically sponsors public service seminars and programs. Currently, promotional plans are under way for this year's program. Advertising alternatives include...
-
Mastery Problem: Differential Analysis and Product Pricing WoolCorp WoolCorp buys sheep's wool from farmers. The company began operations in January of this year, and is making decisions on product...
-
Ross Co. is an oil and gas company located in the Western United States. Ross follows U.S. GAAP in recording and reporting its financial transactions and has a year-end of 12/31. During the fiscal...
-
The following unadjusted trial balance is for ACE CONSTRUCTION CO. as of the end of its 2017 fiscal year. The June 30, 2016, credit balance of the owners capital account was $57,000, and the owner...
-
How is the expected payoff for a decision alternative calculated?
-
The area of square PQRS is 100 ft2, and A, B, C, and D are the midpoints of the sides. Find the area of square ABCD. B A
-
(a) What areas might be cut back? (b) How much in each area might be cut back? (c) After finishing your analysis, what advice (and possibly alternatives) would you offer Courtney about buying the new...
-
Melinda Dennis from Troy, New York, just graduated from college and is concerned about her student loan debts. While at her graduation party she got to talking with three of her cousins, Kyle,...
-
(a) What is consumer credit? (b) Why might graduates use credit? (c) How can graduates use credit wisely? Jacob Marchese of Auburn, Alabama, is the credit manager for a regional chain of department...
-
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows:...
-
1-When accounting for an acquisition, goodwill is the difference between what two things? 2- What factors should be considered when deciding whether an acquisition should be financed with cash or...
-
What is the main friction Fluidity aims to address? REAL STATE
Study smarter with the SolutionInn App