ANSWER IN BOLD 1

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A local finance company quotes a 12 percent interest rate on one-year loans. So, if you borrow $40,000, the interest for the year will be $4,800. Because you must repay a total of $44,800 in one year, the finance company requires you to pay $44,800/12, or $3,733.33, per month over the next 12 months. a. What rate would legally have to be quoted? Annual percentage rate Mariota Industries has sales of $299,160 and costs of $151,130. The company paid $23,430 in interest and $12,400 in dividends. It also increased retained earnings by $63,074 during the year. If the company's depreciation was $14,990, what was its average tax rate