Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5

Question:

Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service charge. What is the finance charge on this loan?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Focus On Personal Finance

ISBN: 9780077861742

5th Edition

Authors: Jack R. Kapoor, Les R. Dlabay Professor, Robert J. Hughes, Melissa Hart

See More Books

Question Posted: Nov 20, 2018 12:08 PM

See More Questions

Dave borrowed $500 for one year and paid $50 in interest. The bank charged hi ma $5 service charge. What is the finance charge on this loan
In problem 5, if Joshua paid the $500 in 12 equal monthly payments, what is the APR? Data from problem 5 Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5 service...
If Dave had borrowed the $500 for one year at an APR of 5%, compounded monthly, what would have been his monthly loan payment? What would have been the breakdown between interest and principal of the...
In Exercises 8486, use a graphing utility to graph f and g in the same [-8, 8, 1] by [-5, 5, 1] viewing rectangle. In addition, graph the line y = x and visually determine if f and g are inverses....
What are the five sources of cost advantage? Discuss.
The consolidated balance sheet of Pan Corporation and its 80 percent subsidiary, Sun Corporation, contains the following items on December 31, 2014 (in thousands): Cash...
If the probability is 0.90 that a new machine will produce 40 or more chairs, find the probabilities that among 16 such machines (a) 12 will produce 40 or more chairs; (b) at least 10 will produce 40...
Tiffany Goren started her own consulting firm, Goren Consulting, on May 1, 2010. The trial balance at May 31 is as shown below. In addition to those accounts listed on the trial balance, the chart of...
Murphee Manufacturing is considering purchasing a machine with an expected life of 8 years for $68,000. The machine has an estimated salvage value of $4,000, Murphee expects the new machine to...
Eight work centers must be arranged in an L- shaped building. The locations of centers 1 and 3 are assigned as shown in the accompanying diagram. Assuming transportation costs are $ 1 per load per...
Samuel applied for a loan to purchase a new car. His application was denied. What should he do now?
Define the following key terms: a. Closed-end credit b. Open-end credit c. Line of credit d. Interest e. Finance charge
Show that the substitution = 2 tan 1 t (Figure 2) yields the formulas This substitution transforms the integral of any rational function of cos and sin into an integral of a rational function of t...
The city of Dilworth spends $ 1 0 0 , 0 0 0 a year on janitorial services for city buildings. Rather than set up a separate funding source for janitorial services, the city would prefer to pass along...
Fargo Homes oversees a homeless shelter in downtown Fargo. The nonprofit operates under a contract with the city whereby it bills the city for its services. Billings for the first five months of 2 0...
Calculate the affect on profitability between a 5 % cost reduction in variable costs versus a 5 sales increase in the following scenario: Sales $ 1 0 0 , 0 0 0 COGS ( variable parts ) $ 4 0 , 0 0 0...
Why not think that women are better able to reflect critically on masculinity and male experience than men since they do not need to imagine the perspective of the oppressed? I think there is a lot...
Describe what role CRM plays within a marketing strategy? Why is it important to the process? When developing a market plan, why is problem definition the most important component of marketing...
If magnetic monopoles existed, the right-hand side of Eq. (29.20) would include a term proportional to the current of magnetic monopoles. Suppose a steady monopole current is moving in a long...
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
What is the purpose of a registered disability sav- ings plan (RDSP)?
What are the major deductions and tax credits that can be used by students to minimize their tax payable?
Under what circumstances do you have to file a tax return?
Reflecting on the book Who Gets Promoted, Who Doesn't, and Why (Asher, 2008), answer the following questions in depth. Explain the statement, "all business is sales." What six things matter? If...
Reflecting on the book Who Gets Promoted, Who Doesn't, and Why (Asher, 2008), answer the following questions in depth. No matter what you have done in the past, the boss really doesn't care. Why?...
Do you think Richard Scrushy should have been found guilty or acquitted for his role in the case against HealthSouth? https://www.wsj.com/articles/SB111702610398942860

Joshua borrowed $500 for one year and paid $50 in interest. The bank charged him a $5

Question:

Step by Step Answer:

50 Int...View the full answer

Focus On Personal Finance

Students also viewed these Business questions