Picabo Street borrows $1000. Torepay the amount she makes 12 equal monthly payments of $90.30. Determine the
Question:
Picabo Street borrows $1000. Torepay the amount she makes 12 equal monthly payments of $90.30. Determine the following:
(a) The effective monthly interest rate
(b) The nominal annual interest rate
(c) The effective annual interest rate
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
a P 1000 A 9030 i m 12 months 1000 9...View the full answer
Answered By
Diane Joyce Pastorin
Please accept my enthusiastic application to solutioninn. I would love the opportunity to be a hardworking, passionate member of your tutoring program. As soon as I read the description of the program, I knew I was a well-qualified candidate for the position.
I have extensive tutoring experience in a variety of fields. I have tutored in English as well as Calculus. I have helped students learn to analyze literature, write essays, understand historical events, and graph parabolas. Your program requires that tutors be able to assist students in multiple subjects, and my experience would allow me to do just that.
You also state in your job posting that you require tutors that can work with students of all ages. As a summer camp counselor, I have experience working with preschool and kindergarten-age students. I have also tutored middle school students in reading, as well as college and high school students. Through these tutoring and counseling positions, I have learned how to best teach each age group.
4.60+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Economics questions
-
Picabo Street borrows $1000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following: (a) The effective monthly interest rate (b) The nominal annual interest rate...
-
A semiannually compounded nominal rate and a monthly compounded nominal rate have the same effective rate. Which has the larger nominal rate? Explain.
-
Determine the effective annual interest rate on a $75,000 short-term loan, with a term of one year and a nominal interest rate of 12%. The bank discounts the interest.
-
Randy, Inc., can issue 3-month commercial paper with a face value of $1,500,000 for $1,450,000. Transaction costs will be $1,500. The effective annualized percentage cost of the financing, based on a...
-
Prove that the product of a complex number a + bi and its complex conjugate is a real number?
-
Baker Machine Company Is a Job shop that specializes in precision parts for firms in the aerospace industry. Figure shows the current block plan for the key manufacturing centers of the...
-
Explain the lifetime of an object. Provide an example.
-
If a mutual fund's net asset value is $23.40 and the fund sells its shares for $25, what is the load fee as a percentage of the net asset value?
-
A remote controlled toy car starts from rest and begins to accelerate in a straight line. The figure below represents "snapshots" of the car's position at equal 0.5 s time intervals. (Assume the...
-
Cubbies Manufacturing Co. has three departments and uses the process cost system of accounting. A portion of the departmental cost work sheet prepared by the cost accountant at the end of July is...
-
Pete Sampras borrows $10,000 to purchase a car. He must repay the loan in 48 equal end-of-period monthly payments. Interest is calculated at 1.25% per month. Determine the following: (a) The nominal...
-
At the Central Furniture Company, customers purchase on credit pay an effective annual interest rate of 16.1%, based on monthly compounding. What is the nominal annual interest rate that they pay?
-
Why is a distinction made between long-term capital gain (loss) property and short-term capital gain (loss) property?
-
Questions a - e refer to the reaction between 3,5-dimethylhexan-3-ol and hydrogen chloride at 25C TS C TS TS M Inter Reaction coordinate Potential Energy TS3 Inter water Organic P, inorganic P b) In...
-
1. At the Streets Lab, we are investigating the dynamic diffusion process of a novel therapeutic agent, Azulene, across a specialized synthetic membrane in a controlled laboratory setting. Initially,...
-
The skin friction coefficient of a laminar boundary layer developing over a flat plate is measured as 0.00347, a certain distance downstream of the leading edge of the plate. The working fluid is air...
-
A horizontal cantilever beam (length 3L) is fixed at the wall at the left end and vertically constrained at the right end. There is a hinge located at x = L and a point load, P, at x = 2L acting...
-
Q1) The shape given in the figure below is located on Frame A with an offset of 2m on ya-axis and the circle M is located on the middle of the surface of the shape. Zc X Yc+ C Za 5m A Xc Va 2m 1m Xb...
-
At the beginning of 2023, Silver Corporation has a \($95,000\) capital loss carryforward from 2022. During 2023, the corporation sells land, held for four years, and realizes an \($80,000\) gain....
-
United Business Forms capital structure is as follows: Debt ............................................ 35% Preferred stock ........................... 15 Common equity .......................... 50...
-
Determine the income gap of a bank with the following assets: reserves ($6 million), short term securities ($8 million), commercial loans maturing in less than 1 year ($20 million), commercial loans...
-
A group of private equity investors provided $16 million to a start-up company involved in making high-technology detection systems for drugs and other types of contraband. Immediately after the...
-
Five projects were ranked in decreasing order by two measures-rate of return (ROR) and present worth (PW)-to determine which ones should be funded, with the total initial investment not to exceed $18...
-
Tom, the owner of Burger Palace, determined that his weighted average cost of capital is 8%. He expects a return of 4% per year on all of his investments. A proposal presented by the owner of the...
-
Exploring Variable Length Parameter Lists The file Parameters.java contains a program to test the variable length method average from Section 7.5 of the text. Note that average must be a static...
-
How would I write a test case for the following steps so that the test cases run properly @Test void dequeueItemsHasRightValuesAndSize() { Queue testQ = new Queue (); int result; enqueueValues(testQ,...
-
Analyse the quality of the Java codes below public static boolean leap(int y) { String tmp = String.valueOf(y); if (tmp.charAt(2) == '1' || tmp.charAt(2) == '3' || tmp.charAt(2) == 5 || tmp.charAt(2)...
Study smarter with the SolutionInn App