Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 29, 2024

Joshua borrowed $1,200 for one year and paid $60 in interest. The bank charged him a service charge of $9. If Joshua repaid the loan

Joshua borrowed $1,200 for one year and paid $60 in interest. The bank charged him a service charge of $9. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.)

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

The Oxford Guide To Financial Modeling

Authors: Thomas S Y Ho, Sang Bin Lee

1st Edition

019516962X, 9780195169621

More Books

Students also viewed these Finance questions

Question

★★★★★

Discuss the following Minitaboutput. One-Way Analysis of Variance Source Treatment 3 Error Total Individual 95% CIs For Mean Based on Pooled StDev Level N Mearn df MS 138.0 46.0 3.51 0.034 20 262.2...

Answered: 1 week ago

Question

★★★★★

QUESTION 23 Given the following hash table and hash function h(k) = k mod 13 0 13 2 30 20 10 11 12 139 10 11 25 Answer TWO QUESTIONS below in its related numerical answer box : a. If you have to use...

Answered: 1 week ago

Question

★★★★★

=+6.17. Suppose that X1, X2,... are independent and P[X=0]=p. Let L,, be the length of the run of O's starting at the nth place: L,k if X,, = ... = Xn+k-1 =0X+ Show that P[L, 2, i.o.] is 0 or 1...

Answered: 1 week ago

Question

★★★★★

The day after a snowstorm, cars arrive at Mels Auto-Wash at an average rate of 10 per hour according to a Poisson process. The automated car washing process takes exactly 5 minutes from start to...

Answered: 1 week ago

Question

★★★★★

Which one of the following statements is correct? The discount rate applicable to a particular business organization is often referred to as its: Dividend Cost of capital Capital ratio Interest...

Answered: 1 week ago

Question

★★★★★

With a total budget limit of $ 2 0 , 0 0 0 , choose the combination of projects that yields the greatest benefit for i = 8 % , and for i = 1 2 % . Data on investment costs, net cash flow, and project...

Answered: 1 week ago

Question

★★★★★

In the document the Irish Building Regulations TGD Part L What limitations does the document have

Answered: 1 week ago

Question

★★★★★

don't copy paste previous answers i am already report that answers Noah and Kelly know that small businesses need to have a presence on the web to attract customers. However, they are not sure how...

Answered: 1 week ago

Question

★★★★★

1. (20 points) Consider the dataset given in the table below. The data corre- sponds to US national unemployment rates for males (y;) and females (x). Males Females 2.9 4 7.7 7.4 4.9 5 7.9 7.2 9.8...

Answered: 1 week ago

Question

★★★★★

BiggerBetter Widgets Co. makes World-Class Widgets using a relatively simple process (see flow chart below) with the following parameters. Their factory works from 9 AM to 5 PM; all operations shut...

Answered: 1 week ago

Question

★★★★★

You invest $138 today. After 11 years will you have $229. What simple interest rate did you earn on your investment? Answer as a decimal. Round to the nearest ten thousandth.

Answered: 1 week ago

Question

★★★★★

Have you ever experienced (or been responsible for) a failed attempt at sarcasm or teasing via a text message or social network posting? What, in your opinion, caused this communication breakdown?...

Answered: 1 week ago

Question

★★★★★

B When you were in high school, what styles did you wear, and what did these clothing items communicate about you? If you now have or have had teen children, what do or did they seem to be...

Answered: 1 week ago

Question

★★★★★

1. Take a look at a piece of writing youve produced (an essay, your rsum, or an e-mail to a friend). Do you use high or low levels of abstraction? Is your choice of language appropriate for the...

Answered: 1 week ago

Previous Question Next Question