Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 05, 2024

If you borrow $75 from a loan shark today, you must repay $85 after one month. What is the effective annual rate you are being

If you borrow $75 from a loan shark today, you must repay $85 after one month. What is the effective annual rate you are being charged?

3.49%

4.49%

160.00%

349.04%

None of the above.

Make sure to round at the very end of the problem and to the nearest hundredth.

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

Corporate Finance

Authors: Stephen Ross, Randolph Westerfield, Jeffrey Jaffe

13th Edition

1260772381, 978-1260772388

More Books

Students also viewed these Finance questions

Question

★★★★★

Recalculate the amount of energy from Exercise 3 in terms of the number of grams of lead-208 reacted.

Answered: 1 week ago

Question

★★★★★

A statistics teacher collected the following data to determine if the number of hours a student studied during the semester and the number of classes missed could be used to predict the final grade....

Answered: 1 week ago

Question

★★★★★

3. Why did the researchers select the nonverbal behaviors that they did?

Answered: 1 week ago

Question

★★★★★

Lincoln Construction Company builds bridges. In October and November 2010, the firm worked exclusively on a bridge spanning the Calamus River in northern Nebraska. Lincoln Constructions Precast...

Answered: 1 week ago

Question

★★★★★

If you borrow $75 from a loan shark today, you must repay $85 after one month. What is the effective annual rate you are being charged? 3.49% 4.49% 160.00% 349.04% None of the above. Make sure to...

Answered: 1 week ago

Question

★★★★★

Assumptions: - The arcs in the chart below illustrate the processes dependencies. - The CPU can start with any process [ keep in mind that always the subprocesses execute in a sequential order ex:...

Answered: 1 week ago

Question

★★★★★

What are some of the ideals of socialism as it applies to the US sociology and economy, compared or contrasted to what we are currently seeing in Venezuela? I am having trouble with this assignment....

Answered: 1 week ago

Question

★★★★★

Given: f(1)=2, f'(1)=4, f'(2)=1; Write the equation of the normal line at x=1.

Answered: 1 week ago

Question

★★★★★

Discuss about a kaizen event (or kaizen blitz) that once took place in your work environment and how does it differs from other traditional kaizen applications? (10 Marks)

Answered: 1 week ago

Question

★★★★★

The required rate of return of stock ABC, which has a beta of 1.25, is 10.75%. The required rate of return of stock XYZ, which has a beta of 0.80, is 8.5%. What is the required rate of return of...

Answered: 1 week ago

Question

★★★★★

In the game Clacker, the numbers 1 through 12 are initially displayed. The player throws two dice and may cover the number representing the total or the two numbers on the dice. For example, for a...

Answered: 1 week ago

Previous Question Next Question