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

Question

1 Approved Answer

Word Problem 10-24 (Static) [LU 10-2 (1)] Johnny Rockefeller had a bad credit rating and went to a local cash center. He took out a

image text in transcribed
Word Problem 10-24 (Static) [LU 10-2 (1)] Johnny Rockefeller had a bad credit rating and went to a local cash center. He took out a $100 loan payable in two weeks for $115. What is the percent of interest paid on this loan? (Do not round intermediate calculations. Round your answer to the nearest whole percent.) Percentage of interest paid 380%

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

Step: 3

blur-text-image

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

Audit Effectiveness Meeting The IT Challenge

Audit Effectiveness Meeting The IT Challenge

Authors: Kamil Omoteso

1st Edition

1409434680, 9781409434689

More Books

Students also viewed these Accounting questions

Question

★★★★★
Cocoa Mill Chocolates manufactures specialty chocolates and sells them to fine candy stores. The company operates two divisions, cocoa and candy, as decentralized entities. The cocoa division...

Answered: 1 week ago

Question

★★★★★
If a company recorded the following transaction-factory utilities paid in cash-then which of the following statements is true? Multiple Choice The Retained Earnings account would decrease. The Work...

Answered: 1 week ago

Question

★★★★★
How did Hobbess work encourage naturalistic and quantitative studies?

Answered: 1 week ago

Question

★★★★★
Westbrook Furniture uses departmental overhead rates (rather than a plantwide overhead rate) to allocate its manufacturing overhead to jobs. The companys two ­production ­departments have the...

Answered: 1 week ago

Question

★★★★★
Find the present value PV of the given investment. (Round your answer to the nearest cent.) An investment earns 6% per year and is worth $1,000 after 9 months. PV=____________ (answer is NOT 953.94)...

Answered: 1 week ago

Question

★★★★★
Which of the following statements about ASC 740 as it relates to uncertain tax positions is true? a) ASC 740 deals with all tax benefits involving income and non-income taxes. b) ASC 740 deals with...

Answered: 1 week ago

Question

★★★★★
The client reaches out to the project team leader and asked about the timing and frequency of progress reports. When determining project progress and results using Agile methods, how is performance...

Answered: 1 week ago

Question

★★★★★
Option 2 PLEASE LABEL AND DRAW THE GRAPH ON PAPER, Remember: "Graph" or "illustrate" requires that you label all axes, curves, and points as indicated. If there is some type of shift, use an arrow to...

Answered: 1 week ago

Question

★★★★★
Freehand sketch an isometric, a 45-degree oblique, and an "informal" two-point perspective representation of the part ("informal" means, instead of following the canonical process to establish...

Answered: 1 week ago

Question

★★★★★
Joe's Book Store stocks the text "Introduction to Materials Management" by Tony Arnold. The demand for this book is very sporadic depending on when APICS courses are offered and when people start to...

Answered: 1 week ago

Question

★★★★★
Which method would best answer the following question? "Do FOX and NBC describe the current economic crisis differently?" Question 17Select one: a. Survey b. Qualitative content analysis c. Focus...

Answered: 1 week ago

Question

★★★★★
Read the sections on expectancy, equity and goal- setting theories of motivation: 1 Which theory, or combination of theories, is most helpful in explaining your reaction to the rewards your...

Answered: 1 week ago

Question

★★★★★
1 W hat are the different reasons that companies might have for initiating training? McDonalds, the fast food chain, employs around 67,000 people in the UK. Although some argue there is a negative...

Answered: 1 week ago

Question

★★★★★
1 What theories are implicit in these reward systems?

Answered: 1 week ago

Previous Question Next Question