Interest is $405 on a principal balance of $5,000; assuming a 7 month loan, what is the

Fantastic news! We've Found the answer you've been seeking!

Question:

Interest is $405 on a principal balance of $5,000; assuming a 7 month loan, what is the rate? Round to the nearest cent or hundredth percent as needed

Related Book For answer-question

Fixed Income Securities Valuation Risk and Risk Management

ISBN: 978-0470109106

1st edition

Authors: Pietro Veronesi

See More Books

Posted Date: Feb 24, 2024 04:17 AM

See More Questions

The following exercise is based on a series of investments made in 1993 by City Colleges of Chicago (CCC), a system of community colleges. Its treasurer decided to invest up to 70% of its portfolio...
Given the data below and using Excel, construct the HISTOGRAM labeling the USL, LSL, and Xbar Specifications 6.00 + 0.05 Measurement Measurement Measurement 3 Subgroup 2 1 6.01 6.01 5.97 2 5.99 6.03...
Cinderella's income increases by 25%. She decides to increase her purchases of glass slippers by 40%. To her, glass slippers are a(n)____________good and her income elasticity of demand for glass...
City Grow Products is a manufacturer of large flower pots for urban settings. The company has these standards: Direct materials (resin)..........................................9.2 pounds per pot at...
In developing an EFE Matrix, would it be advantageous to arrange your opportunities according to the highest weight, and do likewise for your threats? Explain.
The current advertising campaign for a major automobile brand will be changed if fewer than 70 percent of the consumers like it. a. Formulate the null and alternative hypotheses. b. Which statistical...
Natway, a national distribution company of home vacuum cleaners, recommends that its salespersons make only two calls per day, one in the morning and one in the afternoon. Twenty-five percent of the...
Mills Corporation acquired as a long-term investment $300 million of 6% bonds, dated July 1, on July 1, 2024. Company management has the positive intent and ability to hold the bonds until maturity....
Angelo Ltd., a public company, had 600,000 common shares outstanding at the beginning of 20X4. On 1 March 20X4, Angelo purchased and retired 120,000 shares that had been owned by one of the company...
How are object-oriented technology and, specifically, Unified Modeling Language (UML) used in requirements engineering?
How can you estimate a stocks beta from historical returns?
Would managers acting in the interests of long-term shareholders be more likely to repurchase shares if they believe the stock is undervalued or overvalued?
What is a Dutch auction share repurchase?
If a change in leverage raises a firms earnings per share, should this cause its share price to rise in a perfect market?
How do you determine the weight of a stock in the market portfolio?
A gas station opened up on a stretch of highway where there are no other gas stations close by. It is more likely to be able to set higher prices because a). The demand for its product is more...
Explain briefly what is meant by electronic data interchange (EDI). How does EDI affect a companys audit trail?
On September 25, 2008 a client asks you the price of a call option with maturity November 15, 2010, written on the STRIP maturing on November 15, 2015, and with strike price 82. (a) What is the price...
Compute the Macaulay and modified duration for the same securities as in Exercise 1. Today is May 15, 2000, and the current, semi-annually compounded yield curve is in Table 3.6. Compute the duration...
Consider the binomial tree and the mortgage backed securities obtained in that exercise. (a) On the tree, obtain the trigger rates ri such that prepayment occurs when ri < ri- (b) Use Monte Carlo...
A running mountain lion can make a leap 10.0 m long, reaching a maximum height of 3.0 m. a. What is the speed of the mountain lion just as it leaves the ground? b. At what angle does it leave the...
Emily throws a soccer ball out of her dorm window to Allison, who is waiting below to catch it. If Emily throws the ball at an angle of 30 below horizontal with a speed of 12 m/s, how far from the...
In punting a football, the kicker tries to maximize both the distance of the kick and its hang timethe time that the ball is in the air. A kicker gets off a great punt with a hang time of 5.0 s that...

Interest is $405 on a principal balance of $5,000; assuming a 7 month loan, what is the

Question:

Expert Answer:

To calculate the interest rate we can use the formula Interest Principal x R... View the full answer

Fixed Income Securities Valuation Risk and Risk Management

Students also viewed these accounting questions