Question: If Mega Corp. borrows $ 8 , 0 0 0 and agrees to pay the lender $ 9 , 0 0 0 in one year,

If Mega Corp. borrows $8,000 and agrees to pay the lender $9,000 in one year, the annual interest rate on the loan is approximately: A.11.8% B.10.5% C.9.0% D.12.5%

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:

Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Prepare adjusting entries and adjusted trial balance. 3) Prepare Income Statement, Retained Earnings...

Q:

Hello, I just need to create the Income Statement, Retained Earnings Statement, and Balance Sheet for this Group Project. Can someone please help me? The adjusted trial balance from one of my group...

Q:

Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Prepare adjusting entries and adjusted trial balance. 3) Prepare Income Statement, Retained Earnings...

Q:

Assignments Required: 1) Making journal entries for each transaction in chronological order. 2) Prepare adjusting entries and adjusted trial balance. 3) Prepare Income Statement, Retained Earnings...

Q:

Question 5 If Mega Corp. borrows $ 8 , 0 0 0 and agrees to pay the lender $ 9 , 0 0 0 in one year, the annual interest rate on the loan is approximately: 1 2 . 5 % There is not enough information...

Q:

If Mega Corp. Borrows $ 9 , 0 0 0 and agrees to pay the lender $ 1 0 , 0 0 0 in one year, the annual interest rate on the loan is approximately: A . 1 1 . 1 % B . 1 0 . 0 % C . 0 . 9 % D . 9 . 0 %

Q:

In May 2013, Rebecca Young completed her MBA and moved to Toronto for a new job in investment banking. There, she rented a spacious, two-bedroom condominium for $3,000 per month, which included...

Q:

Please prepare closing entries. The 2015 balance sheet of the Stark Industries is attached. During 2016, the following events occurred . 1. On January 10, sell merchandise on account to Rayms $9,800...

Q:

CAPTAIN JET INC. BALANCE SHEET DECEMBER 31, 2017 Current Assets Cash Notes Receivable Accounts Receivable Inventories Prepaid Insurance Prepaid Rent 41,200 16,000 38,800 40,000 540 500 137,040 Total...

Q:

Can someone check my numbers for the journal entries, income statement and statement of cash flows? income statement : Net income $8928 Cash flow statement: Net cash flows (1274) Cash ending 40,926...

Q:

Below are fertility rates (average children born per woman) in 15 EU nations for 2 years. (a) Make a scatter plot. (b) Find the correlation coefficient and interpret it. (c) Test the correlation...

Q:

There are two stocks, and the expected returns of these two stocks are 8% and 4%. Their volatilities are both 15%, and their return correlation is -0.5. The risk-free rate is 2%. What is the expected...

Q:

Please create a drawing of the Entity Relationship ( E - R ) data model for the Morgan Importing procurement information system. Do not use ascii art. Thank You. - - - - - - - - - - - - - - - - - - -...

Q:

5. Develop a scenario comparing two PH programs and involving the use of a CBA.

Q:

(Appendices) Explain how the Federal Reserve Bank affects the money supply in the United States. How do the Feds actions, including setting reserve requirements and controlling discount rates, speed...

Q:

(Appendices) A CLASSIFIED INCOME STATEMENT FOR A MERCHANDISING BUSINESS. For each of the cases presented below, compute the missing amounts: LO8

Q:

(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Cindy Bagnal, the manager of Cayce Printing Service, has provided you with the following aging schedule for Cayces accounts receivable: Cindy...