FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A finance company offers a ''15% plan''. The cost of a one-year loan is 15%, and this cost is added to the loan. This total

image text in transcribed

A finance company offers a ''15% plan''. The cost of a one-year loan is 15%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the effective interest rate being charged for a loan of $7,000. 15.00% per month 35.49%per year 26.62%per year 30.12%per year

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

blur-text-image

Step: 3

blur-text-image

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

Profit First For Lawn Care And Landscape Businesses

Profit First For Lawn Care And Landscape Businesses

Authors: Christeen Era, Steven A Rigolosi, Mike Michalowicz

1st Edition

0578908158, 978-0578908151

More Books

Students also viewed these Finance questions

Question

★★★★★
Calculate the centripetal acceleration of the Earth in its orbit around the Sun, and the net force exerted on the Earth. What exerts this force on the Earth? Assume that the Earths orbit is a circle...

Answered: 1 week ago

Question

★★★★★
Sociology fieldwork methods. Refer to the Teaching Sociology (July 2006) study of the fieldwork methods used by qualitative sociologists, presented in Exercise 2.195 (p. 136). Recall that fieldwork...

Answered: 1 week ago

Question

★★★★★
Use the work sheet and financial statements prepared in Problem 15-8A. All sales are credit sales. The Accounts Receivable balance on January 1, 20--, was $3,800. REQUIRED Prepare the following...

Answered: 1 week ago

Question

★★★★★
A new furnace for your small factory is being installed right now, will cost $33,000, and will be completed in one year. At that point, it will require ongoing maintenance expenditures of $1,000 a...

Answered: 1 week ago

Question

★★★★★
Write a in the form of a = a T T + a N N at the given value of t without finding T and N . r (t)=(2t+2) i + (-t) j + (t 2 ) k , t = -1

Answered: 1 week ago

Question

★★★★★
Write a simplified printf subroutine that takes a variable amount of arguments. The first ar- gument for your subroutine is the format string. The rest of the arguments are printed instead of the...

Answered: 1 week ago

Question

★★★★★
1.Provide at least five years of Free Cash Flow Projections for the Company to be used to determine and calculate the intrinsic value of the Company. 2.Calculate the Valuation of the Company using...

Answered: 1 week ago

Question

★★★★★
A man wants to ensure an inflation-adjusted income for 25 years of $100 per monthfor the first year, increasing 5% each year for the next 24 years, but starting in 15 years' time . All the payments...

Answered: 1 week ago

Question

★★★★★
Your company needs to use an equipment for a project. If you decide to purchase it, you need to pay $60,000 today and the maintenance cost is $10,000 every year for three years (the first payment is...

Answered: 1 week ago

Question

★★★★★
i need a three substantive paragraphs. Is your organization unaffected by the global pandemic, or has your organization had to fundamentally re-examine its mission, vision and strategic goals? At the...

Answered: 1 week ago

Question

★★★★★
2. You organized a study group to prepare for your history final exam and invited a handful of other hardworking students from class. Another classmate, Scott, shows up. Scott is rarely prepared for...

Answered: 1 week ago

Question

★★★★★
Was the beach cleaner at the end of the day as a result of the groups efforts? Before-and-after photos of the beach reveal a very successful cleanup.

Answered: 1 week ago

Question

★★★★★
3. Managing a local, casual restaurant has its ups and downs, and today is one of the downs. Customers have been complaining that the waiters and waitresses have not been friendly, so youve decided...

Answered: 1 week ago

Previous Question Next Question