Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 12, 2024

A finance company offers a 3% plan. The cost of a one-year loan is 3%, and this cost is added to the loan. This total

A finance company offers a "3% plan". The cost of a one-year loan is 3%, 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 $8,000.

5.63% per year

4.68% per year

5.49% per year

0.46% per month

Step by Step Solution

There are 3 Steps involved in it

Step: 1

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

Auditing E Commerce Systems And IT Infrastructure

Authors: Pearson

1st Edition

0536903662, 978-0536903662

More Books

Students also viewed these Accounting questions

Question

How can you use the idea of non-specic factors in psychotherapy to explain such puzzling ndings as the eectiveness of incomplete treatments (Jacobson et al, 1996) and the phenomenon of sudden gains...

Answered: 1 week ago

Question

★★★★★

Refer to the Baseball 2012 data, which report information on the 30 Major League Baseball teams for the 2012 season. a. At the .05 significance level, can we conclude that there is a difference in...

Answered: 1 week ago

Question

★★★★★

A finance company offers a "3% plan". The cost of a one-year loan is 3%, and this cost is added to the loan. This total is then divided by 12 to get the monthly payments. Calculate the effective...

Answered: 1 week ago

Question

★★★★★

Tilson Corporation has projected sales and production in units for the second quarter of the coming year as follows: April May June Sales 46,000 36,000 56,000 Production 56,000 46,000 46,000...

Answered: 1 week ago

Question

★★★★★

Suppose we have a credit score distribution that follows a normal distribution with a mean of 705 and standard deviation of 39. A person is randomly selected. Compute the probability that this person...

Answered: 1 week ago

Question

★★★★★

83. A baseball team of ten young teenagers is visiting town for a tournament today. Two of the players have swollen parotid (salivary) glands with cough and fever. You are called to evaluate and...

Answered: 1 week ago

Question

★★★★★

At the end of each of the last 14 years, Vanessa deposited $450 into an account that earned 8% compounded annually. a) What balance does she have in her account today? b) How much would there be in...

Answered: 1 week ago

Question

★★★★★

Question 19 (1 point) Saved Jim and Joanne are having a heated negotiation and Jim shouts at Joanne, "what the hell do you want?" Joanne takes a step back and responds to Jim in a calm voice, "how do...

Answered: 1 week ago

Question

★★★★★

Owning or leasing a warehouse can impact an operation's environmental sustainability. If a business chooses to lease, it can avoid the adverse environmental effects of new development. On the other...

Answered: 1 week ago

Question

★★★★★

to encourage a drive for change by developing new ideas;

Answered: 1 week ago

Question

★★★★★

4 What are the alternatives to the competences approach?

Answered: 1 week ago

Question

★★★★★

2 What different concepts and approaches are used in countries with dissimilar cultures?

Answered: 1 week ago

Previous Question Next Question