Question: 1 . You took out a loan for $ 2 0 , 0 0 0 four years ago. Over those four years, you paid equal

1. You took out a loan for $20,000 four years ago. Over those four years, you paid equal monthly payments totaling $29,760. What was the APR on your loan?(Hint: First, find the monthly payment and then use it to back out the monthly rate. Then use the monthly rate to find the APR.)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

We, the Supreme Court, categorically believe that pornographic films should be regulated. In particular, we believe that stemming the tide of commercialized obscenity serves legitimate state...

Q:

Question 1 Tim invested $21,000 in a high tech firm four years ago. The firm paid no dividends for the first two years. In the third year, he received $420 in dividends. In the next year, he received...

Q:

Question: Question 1 Tim invested $21,000 in a high tech firm four years ago. The firm paid no dividends for the first two years. In the third year, he received $420 in dividends. In the next year,...

Q:

PLEASE ANSWER THESE QUESTIONS IN EXCEL FORMULAS!!!! (Give me answers for yellow and grey boxes in the sheet. I don't need numbers. I need formulas to type in!!) The sheet provided above was provided...

Q:

1. How does Lexys age affect her decision to get an MBA? A Aceto, Frank BUS 622 Week 3 Case Study Template F19- Excel AutoSave Off Share Review File Home Insert Page Layout Formulas Data View Help...

Q:

1 What are the main components of personal financial planning? Solve What is the purpose of a financial plan? Solve Identify some common actions taken to achieve financial goals. How does a job...

Q:

Matthew B. (age 42) and Courtney S. (age 41) Mumford are married and live at 11426 W. Antelope Drive, Sioux Falls, SD 57107. Matthew is the manager for The Pour House, a popular bar and grill in...

Q:

Images look clear to me, let me know if you still can see them? Problem 1-Individuals (Form 1040) Matthew B. (age 42) and Courtney S. (age 41) Mumford are intuit 7 proconnect married and live at...

Q:

please fill out irs forms 8949, 8995, 6252, 8824, 8829 & 4562 from 2019 Matthew B. (age 42) and Courtney S. (age 41) Mumford are married and live at 11426 W. Antelope Drive, Sioux Falls, SD 57107....

Q:

FV , PV & RETURNS 1 a. At the end of 10 years, how much is an initial deposit of $100 worth, assuming an interest rate of 10 percent compounded (1) annually? (2) semi-annually? (3) quarterly? (4)...

Q:

Please help, even if you can't answer all just help me with this 1040 tax sheet. Practice Set Assignments- Comprehensive Tax Return Problems PROBLEM 1-INDIVIDUALS (FORM 1040) Matthew B. (age 42) and...

Q:

A polyethylene rope weighs 0.25 lb per foot. If each chain contains 7000 repeat units, calculate (a) The number of polyethylene chains in a 10-ft length of rope, and (b) The total length of chains in...

Q:

In a study to estimate the proportion of residents in a certain city and its suburbs who favor the construction of a nuclear power plant, it is found that 63 of 100 urban residents favor the...

Q:

Watson Corporation owned 6 0 0 , 0 0 0 shares of Nixon Corporation stock. On December 3 1 , 2 0 X 4 , when Watson's account "Investment in Common Stock of Nixon Corporation" had a carrying value of $...

Q:

Grouper, Inc. has budgeted direct materials purchases of $410,000 in March and $505,000 in April. The company policy is to pay for 60% of purchases in the month of purchase and the remaining 40% in...