Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 07, 2024

A loan worth $1,000 collect simple interest each year for 6 years. At the end of that time, a total of $1,270 is paid back.

A loan worth $1,000 collect simple interest each year for 6 years. At the end of that time, a total of $1,270 is paid back. Determine the APR for this loan. Answer: 4.5%

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

Transportation A Global Supply Chain Perspective

Authors: John J. Coyle, Robert A. Novak, Brian Gibson, Edward J. Bard

8th edition

9781305445352, 1133592961, 130544535X, 978-1133592969

More Books

Students also viewed these Mathematics questions

Question

★★★★★

Refer to Exercise 13.65. a. Consider the following two statements: There is multicollinearity between region of the country and whether a hospital has a medical school. There is an interaction effect...

Answered: 1 week ago

Question

★★★★★

Kanye West is one of the most controversial public figures in America. What dominant set of attributes could you use to frame his visit to a childrens hospital to make him look good? How could you...

Answered: 1 week ago

Question

★★★★★

5. Explain the activation model for information exposure. Link it to the concept of sensation seeking.

Answered: 1 week ago

Question

★★★★★

The financial statements for CAP Inc. and SAP Company for the year ended December 31, Year 5, follow: On December 31, Year 5, after the above figures were prepared, CAP issued $300,000 in debt and...

Answered: 1 week ago

Question

★★★★★

What are the likely sources of the assumptions in this analysis?How would one go about verifying the assumptions?

Answered: 1 week ago

Question

★★★★★

Exercise 19-15 (Part Level Submission) Casas Modernas of Juarez, Mexico, is contemplating a major change in its cost structure. Currently, all of its drafting work is performed by skilled draftsmen....

Answered: 1 week ago

Question

★★★★★

3) An aluminium alloy specimen of gauge length 75 mm and of diameter 11.28 mm was subjected to a tensile test, with these results: Load (kN) Daya (kN) Extension (mm) 0 2 6.5 11.5 13.6 16 18 19 20.5...

Answered: 1 week ago

Question

★★★★★

Oriole Oil Company is considering investing in a new oil well. It is expected that the oil well will increase annual revenues by $120,660 and will increase annual expenses by $65,000 including...

Answered: 1 week ago

Question

★★★★★

1. In the figure below there is a weighted graph, dots represent vertices, links represent edges, and numbers represent edge weights. S 1 2 3 1 1 3 2 3 3 T 3 2 1 1 2 4 2 (a) Find the shortest path...

Answered: 1 week ago

Question

★★★★★

Write a standalone function outside of the DynamicArray class that receives a dynamic array already in sorted order, either non-descending or non-ascending. The function will return a tuple...

Answered: 1 week ago

Question

★★★★★

Use the following financial statements and additional Information. MARCELLUS INCORPORATED Comparative Balance sheets June 30, 2021 and 2020 2021 2028 Assets Cash Accounts receivable, net Inventory...

Answered: 1 week ago

Previous Question Next Question