What nominal annual rate of interest was charged on a loan of $5600 repaid in end- of-month
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 57% (14 reviews)
Given PVA 5600 A PMT 12185 N 45 years12 54 Now PVA APVIFA r n PVA AP...View the full answer
Answered By
Sonia Veerd
I have done my Graduation from Bharati College, University of Delhi and Post-Graduation in M.Com from Indira Gandhi National Open University. I have an experience of teaching at World of Education as a teacher and coordinator who help students with commerce related subject towards their assignments of college and also clear their concepts related in Accounts, Finance, Marketing and Human Resource Management. I have worked as a Teacher and coordinator in the World of Education for two years which help me to get expertise in dealing with the students and complete their projects on time.
After this, I have started working as a Subject - Matter Expert at Evelyn Learning Pvt. Ltd for one year where I used to help US students to solve their queries and assignment related work. This company work for Chegg India, where we are joined as experts in Accounts.
Currently, I'm working as Assistant Professor of KCCILHE, Greater Noida and also working as Guest faculty of NCWEB, DU.
0.00
0 Reviews
10+ Question Solved
Related Book For
Contemporary Business Mathematics with Canadian Applications
ISBN: 978-0133052312
10th edition
Authors: S. A. Hummelbrunner, Kelly Halliday, K. Suzanne Coombs
Question Posted:
Students also viewed these Finance questions
-
A vacation property valued at $25 000 was bought for 15 payments of $2200 due at the beginning of every 6 months. What nominal annual rate of interest was charged?
-
At what nominal annual rate of interest will money double itself in 6 years and 9 months if compounded quarterly?
-
What nominal annual rate of interest compounded semi-annually is equivalent to an effective rate of 6.37%?
-
Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following...
-
An analyst from an energy research institute in California wishes to precisely estimate the 99% confidence interval for the average price of unleaded gasoline in the state. In particular, she does...
-
The unadjusted trial balance for Indigo Corp. is shown below. Indigo Corporation Trial Balance October 31, 2025 Debit Credit Cash $15,410 Supplies 2,770 Prepaid Insurance 750 Equipment 4,650 Notes...
-
Differentiate between a fast and loose pulley.
-
The Piedmont Computer Company has brought legal action against ATC Corporation for alleged monopolistic practices in the development of software. The claim has been pending for two years, with both...
-
What is the purpose of the Fed's Discount Window that offers the Discount Rate?
-
CVP computations Garrett Manufacturing sold 410,000 units of its product for $68 per unit in 2011. Variable cost per unit is $60 and total fixed costs are $1,640,000. 1. Calculate (a) contribution...
-
Payments of $360 are made into a fund at the end of every 3 months for 12 years. The fund earns interest at 7% compounded quarterly. (a) What will be the balance in the fund after 12 years? (b) How...
-
Glenn has made contributions of $250 at the end of every 3 months into an RRSP for 10 years. Interest for the first 10 years was 4% compounded quarterly. (a) What is the amount in the RRSP after the...
-
In 1990, 5.8% of job applicants who were tested for drugs failed the test. At the 1% significance level, test the claim that the failure rate is now higher if a random sample of 1520 current job...
-
The following are the Balance of Payments records of the country Geordieland: In billions Year 1 Year 2 Year 3 Year 4 Balance of Trade 145 132 83 101 Balance of Goods & Services -8 -14 -9 2 Current...
-
Describe the growth of organized labor. What were some of the early unions that appeared at this time? What important strikes occurred at this time?
-
What can be done to bridge the leadership gender divide and enhance leadership effectiveness as nurse leaders?
-
1. What is the selection bias in the regressions? When will the bias occur? 2. Please explain why the random assignment could be used to address. the selection bias problem.
-
Adkins Appliances buys 10,000 common shares of Charlie Inc. for $10 per share on January 2 of the current year. Adkins owns 35% of Charlie Inc.'s voting shares, has significant influence in decision...
-
What types of business skills would be necessary to define the rules for and analyze the results from analytics? Driving around Massachusetts, you might notice an RV frequently parked in your...
-
Federated Shipping, a competing overnight delivery service, informs the customer in Problem 65 that they would ship the 5-pound package for $29.95 and the 20-pound package for $59.20. (A) If...
-
Cigarette smoking. The data in Table 7 shows that the percentage of male cigarette smokers in the U.S. declined from 27.6% in 1997 to 23.9% in 2006. (A) Applying linear regression to the data for...
-
Regression model for the graduate student enrollment in Table 8 is y = 0.033x + 1.27 where represents years since 1980 and y is graduate enrollment in millions of students. (A) Draw a scatter plot of...
-
Table 10 contains the state population and the number of licensed drivers in the state (both in millions) for the states with population over 10 million in 2006. The regression model for this data is...
-
entory LO P1 Compute ending work in process inventory for a manufacturer using the following information. Raw materials purchased Direct materials used Direct labor used Factory overhead Work in...
-
Four departments of a company need to order the following amounts of the same products. (a) Use matrix multiplication to get a matrix showing the comparative costs for each department for the...
-
The trial balance columns of the worksheet for Cullumber Company at June 30, 2027, are as follows. Cullumber Company Worksheet For the Month Ended June 30, 2027 Trial Balance Account Titles Dr. Cr....
Study smarter with the SolutionInn App