Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 31, 2023

A $20,000 loan has a $4,747.93 annual payment. The loan is for 5 years. What is the interest rate? Enter answer as whole percentage,

A $20,000 loan has a $4,747.93 annual payment. The loan is for 5 years. What is the interest rate? Enter answer as whole percentage, no dccimals (e.g. enter 8 percent as 8). Numeric Response

Step by Step Solution

★★★★★

3.50 Rating (153 Votes )

There are 3 Steps involved in it

Step: 1

To calculate the interest rate on the loan we can use the Present Value PV formula for an ordinary ... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Real Estate Finance and Investments

Authors: William Brueggeman, Jeffrey Fisher

14th edition

73377333, 73377339, 978-0073377339

More Books

Students also viewed these Finance questions

Question

★★★★★

KYC's stock price can go up by 15 percent every year, or down by 10 percent. Both outcomes are equally likely. The risk free rate is 5 percent, and the current stock price of KYC is 100. (a) Price a...

Answered: 1 week ago

Question

★★★★★

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-6. On December 12, Irene purchased the building where her store is located. She paid...

Answered: 1 week ago

Question

★★★★★

One end of a light, elastic string, of natural length 1.2m and modulus of elasticity 32N, is attached to a fixed point, B. A particle, P, of mass 1.5 kg, is then attached to the other end of the...

Answered: 1 week ago

Question

★★★★★

The franchise arrangement between McDonalds and its franchisees is summarized in the following note from McDonalds 2004 annual report. Individual franchise arrangements generally include a lease and...

Answered: 1 week ago

Question

★★★★★

Consider the control system shown below. (a) Find the transfer function from $U(s)$ to $Y(s)$. (b) Write the state equations for the system using the state variables indicated. u 1 G= s+4 1 G= 2s...

Answered: 1 week ago

Question

★★★★★

1.13 Clash between Islam, West, continued Refer to Exercise 1.12. On the other hand, worldwide, Muslims tended to put most of the blame on politics. The data from four predominately Muslim countries...

Answered: 1 week ago

Question

★★★★★

You are the manager of a monopoly. A typical consumers inverse demand function for your firms product is P = 100 20Q, and your cost function is C(Q) = 20Q. a. Determine the optimal two-part pricing...

Answered: 1 week ago

Question

★★★★★

A bond that sells for less than $1000 when yields are 10% must have an annual coupon that is greater than $50. True or false

Answered: 1 week ago

Question

★★★★★

Albert is in third grade and has documented impulsivity issues in class. Develop a plan to teach Albert how to answer questions in class appropriately. He will currently shout out answers and if the...

Answered: 1 week ago

Question

★★★★★

The correct answer is 3 but I don't understand it at all. Please show the steps of how to get to the solution. I have a hard time understanding this concept. Select the appropriate defect reaction...

Answered: 1 week ago

Question

★★★★★

a. The owner invested $17,800 cash in the company. b. The company purchased supplies for $1,200 cash. c. The owner invested $11,400 of equipment in the company in exchange for more common stock. d....

Answered: 1 week ago

Question

★★★★★

Fara wants to buy a new smartphone and is willing to pay $800 based on her preferences and budget. She finds the phone on sale for $600, and she decides to purchase it. What does the difference...

Answered: 1 week ago

Question

★★★★★

( b ) Martha approaches Maria Swanepoel of Swanepoel Inc., an attorney at law practicing in the Pretoria East area to assist her with her claim for damages resulting from her dispute with Joseph. The...

Answered: 1 week ago

Question

★★★★★

As of November 1, 1999, the exchange rate between the Brazilian real and U.S. dollar is R$1.73/$. The consensus forecast for the U.S. and Brazil inflation rates for the next 1-year period is 3.3% and...

Answered: 1 week ago

Question

★★★★★

Polycorp plans to pay a dividend of $6 in one year time dividend are then expected to increase by $1 a year for 5 year after that they are expected to grow at 2%pa forever shareholders required...

Answered: 1 week ago

Question

★★★★★

Hoffman anticiaptes selling 223,000 jars with total sales revenue of 260,000 in the first quarter of the year followinf the year given in the table below. Hoffam has a plicy that the ending inventory...

Answered: 1 week ago

Question

★★★★★

Consider model (9.18). What is the effect on the model parameter estimates, their standard errors, and the goodness-of-fit statistics when (a) The times at risk are doubled, but the numbers of deaths...

Answered: 1 week ago

Question

★★★★★

What special advantages does a mortgagee have in bidding at the foreclosure sale where the mortgagee is the foreclosing party? How much will the mortgagee normally bid at the sale?

Answered: 1 week ago

Question

★★★★★

What are some of the physical considerations that a developer should be concerned with when purchasing land? How should such considerations be taken into account when determining the price that...

Answered: 1 week ago

Question

★★★★★

Name two ways that FNMA currently finances its secondary mortgage operations.

Answered: 1 week ago

Question

★★★★★

10.25. Refer to the "Student survey" data file (Exercise 1.11 on page 7). Construct partial tables relating opinion about abortion to opinion about life after death, controlling for attendance at...

Answered: 1 week ago

Question

★★★★★

10.14. In murder trials5 in 20 Florida counties in two years, the death penalty was given in 19 out of 151 cases in which a white killed a white, in 0 out of 9 cases in which a white killed a black,...

Answered: 1 week ago

Question

★★★★★

10.4. Cities in the U.S. have a positive correlation between Y = crime rate and X - size of police force. Does this imply that X causes y? Explain.

Answered: 1 week ago

Previous Question Next Question