A woman went to the Beneficial Loan Company and borrowed $3000. She must pay $119.67 at the
Question:
(a) Calculate the nominal annual interest rate she is paying to within ±0.15%.
(b) What effective annual interest rate is she paying?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 80% (10 reviews)
3000 11967 PA i 30 PA i 30 300011967 25069 Perfor...View the full answer
Answered By
Nyron Beeput
I am an active educator and professional tutor with substantial experience in Biology and General Science. The past two years I have been tutoring online intensively with high school and college students. I have been teaching for four years and this experience has helped me to hone skills such as patience, dedication and flexibility. I work at the pace of my students and ensure that they understand.
My method of using real life examples that my students can relate to has helped them grasp concepts more readily. I also help students learn how to apply their knowledge and they appreciate that very much.
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Engineering Economic Analysis
ISBN: 9780195168075
9th Edition
Authors: Donald Newnan, Ted Eschanbach, Jerome Lavelle
Question Posted:
Students also viewed these Accounting questions
-
Mr. and Mrs. Marshall went to Beneficial Finance to borrow money but were deemed by Beneficials office manager, Puckett, to be bad credit risks. The Marshalls stated that their friend Garren would be...
-
Antonio Menifee borrowed money from a bank to finance a small fishing boat. The bank's terms allowed him to defer payments (including interest) on the loan for six months and to make 36 equal...
-
David Kapamagian borrowed money from a bank to finance a small fishing boat. The banks loan terms allowed him to defer payments (interest is still being charged even though payment is deferred) for...
-
On December 1, 2011, Lavender Manufacturing Company (a corporation) purchased another company's assets, including a patent. The patent was used in Lavender's manufacturing operations; $49,500 was...
-
1. Develop a use case diagram. 2. Create fully developed use case descriptions for two of the primary use cases, such as recording traffic ticket and Scheduling a court date. 3. Develop system...
-
Can an entrepreneur set his desired profit? And how would he do that technically?
-
Explain ethnocentrism, cultural relativism, and the ways anthropology has evolved under changing working conditions.
-
Three activities are candidates for crashing on a project network for a large computer installation (all are, of course, critical). Activity details are in the following table: (a) What action would...
-
Find the amount of a deposit worth Php 1200 earning 0.75% interest compounded quarterly after 3 years. How much would you need to invest in order to achieve an amount of Php 70 thousand in 2035 if...
-
Write a function: string solution (string &S, string &T); that, given two strings S and T consisting of N and M characters, respectively, determines whether string T can be obtained from string S by...
-
Compute the rate of return for the following cash flow. Year Cash Flow 0....................-$500 1-3.......................0 4...................+4500
-
Helen is buying a $12,375 automobile with a $3000 down payment, followed by 36 monthly payments of $325 each. The down payment is' paid immediately, and the monthly payments are due at the end of...
-
Obviously, some events will have more potential for generating favorable publicity than others. What particular criteria should be emphasized in event selection when a firm has the goal of gaining...
-
Sales revenue $470,800.00 Cost of goods sold 217,766.40 Gross margin $253,033.60 Less: Selling expenses 86,199.20 Administrative expenses 74,942.80 Operating income $91,891.60 What was the sales...
-
In anticipation of Digby Corporation's new product, Dash, the company will purchase new plant and equipment for $12,750,000. The plant and equipment is expected to be used for 15 years and has a...
-
Solve the inequality. (Enter your answer using interval notation.) (x+8)2(x+5)(x-1) > 0
-
Let w = F(x, y), where x=u 3uv-v and y = g(u, v), F and g are differentiable, and g(5, 1) =0, gu (5, 1) = 29, 9, (5, 1) = 6, F(9, 0) 3, F(9, 0) = 14, Fy(9, 0) = 5. Iw Find when u 5 and v = 1. Type...
-
Steve has been operating Castle Creek Restaurant in Ontario for the past several years. On the basis of the information that Steve's accountant filed with the CRA during the prior year, Castle Creek...
-
Bills that have been sent out by an organization but not yet collected are referred to as __________.
-
When an electric field is applied to a shallow bath of vegetable oil, why do tiny bits of thread floating in the oil align with the field like compasses in a magnetic field?
-
According to the Beaver study, three current asset accounts should be given particular attention in order to forecast financial failure. List each of these accounts and indicate whether they should...
-
You are the auditor of Piedmore Corporation. You determine that the accounts receivable turnover has been much slower this period than in prior periods and that it is also materially lower than the...
-
You are in charge of preparing a comprehensive budget for your firm. Indicate how financial ratios can help determine an acceptable comprehensive budget.
-
Create a concept map about the topic Continuity of a Function.
-
What role does access control play in operating system security, and how do models like discretionary access control (DAC) and mandatory access control (MAC) differ in their approaches to securing...
-
f(-2) using the given graph
Study smarter with the SolutionInn App