Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 28, 2024

A lender makes a $4000.00, 90-day consumer loan. Interest of 10% is charged using a 360-day year. What is the real APR based on a

A lender makes a $4000.00, 90-day consumer loan. Interest of 10% is charged using a 360-day year. What is the real APR based on a 365-day year. Express the rate to the nearest tenth of a percent.

Step 1 - Calculate the interest paid

Step 2 - Calculate the real APR

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

Global Corporate Finance A Focused Approach

Authors: Kenneth A. Kim

1st Edition

9814335827, 9789814335829

More Books

Students also viewed these Finance questions

Question

★★★★★

Sky Bound Airlines has provided the following information regarding cash received f or ticket sales in September and October: Cash received in September for October...

Answered: 1 week ago

Question

★★★★★

Over a recent three-year period, the average annual return on a portfolio was 20 percent and the annual return standard deviation for the portfolio was 25 percent. During the same period, the average...

Answered: 1 week ago

Question

★★★★★

=+1. A producer of beverage containers wants to ensure that a liquid at 90C will lose no more than 4C after 30 minutes. Containers are selected at random and subjected to testing. Historical data...

Answered: 1 week ago

Question

★★★★★

TL Division of Giant Bank has assets of $14.4 billion. During the past year, the division had profits of $1.8 billion. Giant Bank has a cost of capital of 8 percent. Ignore taxes. Required a. Compute...

Answered: 1 week ago

Question

★★★★★

eBook Problem Walk-Through Edmonds Industries is forecasting the following income statement: Sales $11,000,000 Operating costs excluding depreciation & amortization 6,050,000 EBITDA $4,950,000...

Answered: 1 week ago

Question

★★★★★

Susie, Bobby and Betty are fighting over how to split a chocolate bar. Their father intervenes to resolve the dispute by instituting a modified version of "one cuts, one chooses". First, Susie will...

Answered: 1 week ago

Question

★★★★★

Derive the 6-degree of freedom equation of motion. = X = Y = Z m[ vr + wq xg(q2 + r2) + y;(pq i) + zg(pr+q)] m[v wp + ur yg(r2 + p2) + zg(qr p) + xg(qp + r)] m[w uq + vp zg(p2 +q) + xg(rp ) + yg(rq +...

Answered: 1 week ago

Question

★★★★★

1(x) Given the graphs of f(x) and h(x). 6 5 2 1 0 4 3 h(x) 6 5 4 3 2 1 0 0 2 3 x a) Let g(x) = f(x) h(x). What is the value of g'(2)? b) Let p(x) = f(x)/h(x) What is the value of p'(2)? c) Write out...

Answered: 1 week ago

Question

★★★★★

A . ( 1 5 p ) A pharmacy dispensing medicines is staffed by one pharmacist open 1 0 hours a day. On average It takes 1 5 0 seconds to serve a customer, and a customer arrives every 4 minutes....

Answered: 1 week ago

Question

★★★★★

Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated Balance Sheet Assets Cash Accounts receivable Inventory Plant and equipment, net Investment in...

Answered: 1 week ago

Question

★★★★★

2. (34%) The frame is subjected to a vertical 13 kip force at E and a horizontal 10 kip force a B. Neglect the self-weight of the frame. Find the internal forces (axial, shear, and bending moment) at...

Answered: 1 week ago

Question

★★★★★

Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $70,000 but that...

Answered: 1 week ago

Question

★★★★★

What can be done to change the culture within the company? Jessie Singh and Ashton Chan met during new student orientation day at Parkville University. They had been seated at the same table and...

Answered: 1 week ago

Question

★★★★★

In addition to the problems identified by employees, what other actions should Jessie and Ashton take? Why? Jessie Singh and Ashton Chan met during new student orientation day at Parkville...

Answered: 1 week ago

Question

★★★★★

Why are all the employees going to Jessie with their problems? How can a more equitable partnership and sharing of responsibilities be established? Jessie Singh and Ashton Chan met during new student...

Answered: 1 week ago

Previous Question Next Question