Answered step by step

Verified Expert Solution

Link Copied!

Question

...

1 Approved Answer

Posted on Jul 11, 2024

Can someone help me find the rate? A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $20,000,

Can someone help me find the rate?
A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $20,000, the interest for the year will be $3,400. Because you must repay a total of $23,400 in one year, the finance company requires you to pay $23,400/12, or $1,950.00, per month over the next 12 months

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Fundamentals Of Cost Accounting

Authors: William Lanen, Shannon Anderson

2nd Edition

0071332618

Students also viewed these Finance questions

Question

In a study by Valencia et al. (A-13), the effects of environmental temperature and humidity on 24-hour energy expenditure were measured using whole-body indirect calorimetry in eight normalweight...

Answered: 1 week ago

Question

★★★★★

Hughes Foods completed the following selected transactions. 2016 Oct 31 Sold goods to BiLo's Foods, receiving a $36,000, three-month, 4.5% note. (You do not need to make the cost of goods sold...

Answered: 1 week ago

Question

★★★★★

GrandSlam Incorporated incurred the following costs during March: Selling expenses Direct labor Interest expense Manufacturing overhead, actual Raw materials used Administrative expenses During the...

Answered: 1 week ago

Question

★★★★★

Question 42 View Policies Current Attempt in Progress On December 31, 2021, when its Allowance for Doubtful Accounts had a credit balance of $1,500, Swifty Corporation estimates that 6% of its...

Answered: 1 week ago

Question

★★★★★

Problem 11. The shares of Microsoft were trading on Nasdaq on January 1 at $41. A Swedish investor purchased 100 shares of Microsoft at that price. The Swedish kroner to dollar exchange rate then was...

Answered: 1 week ago

Question

★★★★★

In the commercial section of the newspaper you come across an ad for a pizza delivery business for sale. upon inquiry, you discover that the owner , who wants to sell the business and then retire,...

Answered: 1 week ago

Question

★★★★★

An applied researcher is developing a new measure of organizational commitment for a study. In order to compare it to an existing measure of organizational commitment, the researcher would compute a...

Answered: 1 week ago

Question

★★★★★

7.5 A large lot of manufactured items contains 10% with exactly one defect, 5% with more than one defect, and the remainder with no defects. Ten items are randomly selected from this lot for sale. If...

Answered: 1 week ago

Question

★★★★★

A composite wall of a furnace has 3 layers of equal thickness having thermal conductivities in the ratio of 1:2:4. What will be the temperature drop ratio across the three respective layers? A. 12:4...

Answered: 1 week ago

Previous Question Next Question