You have borrowed form a bank at 12% for $15,000 rate for 1 year, you should keep

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

Question:

You have borrowed form a bank at 12% for $15,000 rate for 1 year, you should keep 1000 in the bank in thebank.

What is the effective interest rate?

Related Book For answer-question

Business Math

ISBN: 978-0133011203

10th edition

Authors: Cheryl Cleaves, Margie Hobbs, Jeffrey Noble

See More Books

Posted Date: May 03, 2023 04:12 AM

See More Questions

The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-7. Ivan sold the following securities during the year and received a Form 1099-B that...
You are an investment analyst. A client of yours, Mr A, owns 3.5% of the share capital of Price. Price is a listed company and prepares financial statements in accordance with International...
Ava bought a house on 1 July 2000 for 62,000. She occupied the entire property as her PPR until 1 August 2007 when she began using one-quarter of the house for business purposes. This continued until...
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Neitzke Corporation in 2012. 1. Neitzke developed a new...
A large health system has recently converted from an outdated combination of paper documentation and electronic scheduling systems to a more robust EHR. Now that the new system is place,...
The joint density function of two random variables $X$ and $Y$ is given by \[p_{X, Y}(x, y)= \begin{cases}\frac{x y}{9}, & 0 \leq x \leq 2,0 \leq y \leq 3 \\ 0, & \text { elsewhere }\end{cases}\]...
Refer to the data in Solved Problem 13-1, which deals with Higgins Plumbing and Heating. Higgins has now collected 100 weeks of data and finds the following distribution for sales: Hot Water Number...
Taeko Inc. is considering an investment in a new machine to increase production capacity. Taeko spent $35,000 on a feasibility study that recommended the purchase of this particular machine. The...
Q1. Study the Statement of Stockholders Equity for the five years presented. a. During fiscal year ended (FYE) 6/30/2003 stockholders equity increased primarily as a result of (_______________ /...
When a patient's message is incomplete, this technique takes restating and paraphrasing a step further. It is helpful when you need to assess whether a patient is following a prescribed health...
How can positioning maps help managers better understand and respond to competitive dynamics?
What are the elements of a customer-driven services marketing strategy?
Select a company of your choice. Identify the variables that the company has used to segment its customers. Support your answers with examples from the company.
How can a firm implement principles from perceived control theory in a service encounter? Apply it to one face-to-face and one online encounter of your own choosing.
What are the most common bases used in segmentation? Provide examples for each of these bases.
Following is the income statement for Target Corporation. ($ millions) Fiscal year ended January 28, 2012 Sales $70,466 Net credit card revenues 1,399 Total revenues 71,865 Cost of sales 47,860...
Read the case study Richter: Information Technology at Hungarys Largest Pharma and answer the following question: How does the organization ensure the accuracy of the data it stores?
Jim Meriweather purchased an engraving machine for $28,000 and financed it for 36 months. The total finance charge was $5,036.
During the past year, Piazza's Clothiers sold a certain sweater at different prices: $42.95, $36.50, $40.75, $38.25, and $43.25. Find the range, mean, median, and mode of the selling prices. Write a...
A computer with software costs $2,987, and Docie Johnson has agreed to pay a 19% per year finance charge on the cash price. If she contracts to pay the loan in 18 months, how much will she pay each...
Draw the shear and moment diagrams for the shaft, and determine its required diameter to the nearest $\frac{1}{8}$ in. if $\sigma_{\text {allow }}=30 \mathrm{ksi}$ and \(\tau_{\text {allow }}=15...
Determine the minimum depth $h$ of the beam to the nearest $\frac{1}{8}$ in. that will safely support the loading shown. The allowable bending stress is \(\sigma_{\text {allow }}=2.1...
Draw the shear and moment diagrams for the shaft, and determine its required diameter to the nearest $\frac{1}{4}$ in. if $\sigma_{\text {allow }}=30 \mathrm{ksi}$ and \(\tau_{\text {allow }}=15...

You have borrowed form a bank at 12% for $15,000 rate for 1 year, you should keep

Question:

Expert Answer:

To find the effective interest rate we need to take into account the fact that you ... View the full answer

Business Math

Students also viewed these finance questions