Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 12, 2024

Joshua borrowed $1,600 for one year and paid $80 in interest. The bank charged him a service charge of $6. If Joshua repaid the loan

image text in transcribed

Joshua borrowed $1,600 for one year and paid $80 in interest. The bank charged him a service charge of $6. 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 Financial Services Marketing Handbook

Authors: Evelyn Ehrlich

2nd Edition

1118065719, 978-1118065716

More Books

Students also viewed these Finance questions

Question

★★★★★

Explain why the boiling point of ethanol (78C) is much higher than that of its isomer, dimehtl ether (-25C), and why the boiling point of CH2F2 ( -52C) is far above that off CH4 (-128C).

Answered: 1 week ago

Question

★★★★★

Understand what is involved in designing a career management program

Answered: 1 week ago

Question

★★★★★

2. When the agent is unknown: The comet was first referred to in an ancient Egyptian text. We dont know who wrote this text.

Answered: 1 week ago

Question

★★★★★

At the beginning of 2011, Tanham Company discovered the following errors made in the preceding two years: Reported net income was $27,000 in 2009 and $35,000 in 2010. The allowance for doubtful...

Answered: 1 week ago

Question

★★★★★

Answered: 1 week ago

Question

★★★★★

1.)The yearly incomes, in thousands, for 24 random married :ouples living in a city are given below. Assume the yearly ncomes are approximately normally distributed. Use Excel Eo find the 95%...

Answered: 1 week ago

Question

★★★★★

da) In 1 liters of 0.1 acetic acid, you dissolve 0.1 moles of sodium acetate. What kind of solution did you make? b) You make a solution as the one found in the earlier question by adding 7.5 grams...

Answered: 1 week ago

Question

★★★★★

Question 1 Based on the video what are the best predictor of students earning top grades? Several answers are correct IQ just hard work self-discipline practice exams 2 pts

Answered: 1 week ago

Question

★★★★★

Question 2: Alabama Airlines provides commuter service. As a product of airline deregulation, Alabama Air joined the growing number of short-haul, point-to-point airlines, including Lone Star,...

Answered: 1 week ago

Question

★★★★★

Name 2 Prime Ministers of Canada who had the longest service? Why were they successful? (Write an essay of 250 words)

Answered: 1 week ago

Question

★★★★★

5.6.3. A missile, starting from rest on the ground, is propelled by its jets with a 50,000 N force upward. Consider that the average mass of the missile is 4,000 kg. A. Setup with a labeled diagram....

Answered: 1 week ago

Question

★★★★★

Based on the material presented here and other publically available information, were the strategic choices exercised by Baba Ramdev in framing the Patanjali narrative effective?

Answered: 1 week ago

Question

★★★★★

Considering the previous question: It is always easy to judge HR limitations from the outside. What are the meanings of diversity in your country of origin or societal and national contexts you are...

Answered: 1 week ago

Question

★★★★★

Why could the Robert Bosch approach make sense to the company?

Answered: 1 week ago

Previous Question Next Question