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

Question

1 Approved Answer

(a)What is the annual percentage rate (APR) on a loan that charges interest of 0.87 percent per month? (Round answer to 2 decimal places, eg,

(a)What is the annual percentage rate (APR) on a loan that charges interest of 0.87 percent per month? (Round answer to 2 decimal places, eg, 2.25.) Annual percentage rate 10.44
(b) What is the effective annual rate (EAR) on the loan described in (a)? (Round answer to 2 decimal places, eg., 2.25.) 7.25 Effective annual rate
image text in transcribed
I- Your answer is correct. What is the annual percentage rate (APR) on a loan that charges interest of 0.87 percent per month? (Round answer to 2 decimal places, eg, 2.25.) Annual percentage rate 10.44 % e Textbook and Media Attempts: 1 of 2 used (b) X Your answer is incorrect. What is the effective annual rate (EAR) on the loan described in (a)? (Round answer to 2 decimal places, eg, 2.25.) Effective annual rate 7.25 %

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_2

Step: 3

blur-text-image_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

Management Accounting A Business Planning Approach

Management Accounting A Business Planning Approach

Authors: Noah P. Barsky, Jr. Anthony H. Catanach

2nd Edition

1516506286, 978-1516506286

More Books

Students also viewed these Accounting questions

Question

★★★★★
The Jacobs Chemical Company wants to estimate the mean time (minutes) required to mix a batch of material on machines produced by three different manufacturers. To limit the cost of testing, four...

Answered: 1 week ago

Question

★★★★★
Recognize the kinds of salespersons, the steps in the personal selling process, and the major sales management tasks.

Answered: 1 week ago

Question

★★★★★
If all of the pairwise correlations between the response variable and the explanatory variables are between (a) 0.5 and 0.8, is it still possible to have a collinearity problem among the explanatory...

Answered: 1 week ago

Question

★★★★★
Herzogg Company, organized in 2010, has the following transactions related to intangible assets . InstructionsPrepare the necessary entries to record these intangibles. All costs incurred were for...

Answered: 1 week ago

Question

★★★★★
Determining Sales and Interest Revenue using Short-Term Note Receivable A one-year, $8,000, 6% note was received by Nadia Company for a credit sale. Assuming a market rate of 6%, determine (1) the...

Answered: 1 week ago

Question

★★★★★
Shamus provides support for the following dependants: His 42 year old spouse who has a physical infirmity. His 63 year old father who has a mental infirmity. His 67 year old mother who is in good...

Answered: 1 week ago

Question

★★★★★
TRUE OR FALSE? Management should consider the diversity (education, nationality etc.) of its workforce, when planning EMS communication activities

Answered: 1 week ago

Question

★★★★★
Consider the following relational schema, representing five relations describing shopping transactions and information about credit cards generating them [the used notation is explained above]....

Answered: 1 week ago

Question

★★★★★
Apply the AOTA Code of Ethics to Case 9--My Neighbor's Keeper in the required text. Answer the following prompt: The AOTA Code of Ethics is broken down into three sections -- Core Values,...

Answered: 1 week ago

Question

★★★★★
A bicycle company is exploring which of the two following methods they should use to provide bicycle rack to its customers. A . making the rack on their own with intial cost ( fixed cost ) of 20000...

Answered: 1 week ago

Question

★★★★★
Capacity Management (Fall 2022) RCC currently has 15 coachers, including 10 champion coaches (e.g., ones won champion and/or hold master titles) who can teach all level classes: elementary,...

Answered: 1 week ago

Question

★★★★★
How do relationships between people who never meet face to face differ from relationships between people who can see each other? What are the advantages and limitations of forming and sustaining...

Answered: 1 week ago

Question

★★★★★
How can you develop media literacy?

Answered: 1 week ago

Question

★★★★★
What organizational pattern did Elizabeth use and to what extent was it effective?

Answered: 1 week ago

Previous Question Next Question