answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
dezoksy [38]
2 years ago
9

When you purchased a car, you borrowed $20,000 from the bank and agreed to make monthly payments of $423.17 for 5 years. What ra

te of interest is the bank charging you
Business
1 answer:
Oxana [17]2 years ago
6 0

Answer:

4.88%

Explanation:

The formula to calculate the rate of interest is:

r=(FV/PV)^1/n-1, where

r=rate of interest

FV= future value= 423.17*(12*5)=423.17*60=$25,390.2

PV= present value= $20,000

n= number of periods of time= 5

Now, you can replace the values in the formula:

r=(25,390.2/20,000)^1/5-1

r=1.048-1

r=0.0488→4.88%

According to this, the answer is that the bank is charging an annual rate of interest of 4.88%.

You might be interested in
Which one of the following is an unintended result of the Sarbanes-Oxley Act? Multiple Choice More detailed and accurate financi
Evgesh-ka [11]

Answer:

Increased responsibility for corporate officers

Explanation:

A review of eight thousand public companies, on the study of the impact of the Sarbanes-Oxley Act (SOX) of 2002 revealed that <u>SOX increased directors' workload and risk, and increased demand by mandating that firms have more outside directors. </u>

It was also revealed that both broad-based changes and cross-sectional changes (by firm size) occurred <u>because Board committees meet more often post-SOX</u> and Director and Officer insurance premiums have doubled.

6 0
2 years ago
When customers have their groceries scanned at the supermarket checkout counter, data regarding product sales and coupon redempt
Masja [62]

COMPLETE QUESTION:

When customers have their groceries scanned at the supermarket checkout counter, data regarding product sales and coupon redemptions are collected and processed by tracking services such as IRI's InfoScan. Consumer product firms such as Procter & Gamble use data collected by IRI to allocate scarce marketing resources. Which of the following data are NOT collected at retail checkout counters?

Answer: household demographics

Explanation:

Consumer product firms such as Procter & Gamble that uses data collected by IRI to allocate scarce marketing resources don't collect consumer's data that includes household demographs because in allocating scarce marketing resources household demographs are not important data.

3 0
2 years ago
Read 2 more answers
Honeycutt Co. is comparing two different capital structures. Plan I would result in 12,700 shares of stock and $109,250 in debt.
velikii [3]

Answer: $47.50

Explanation:

The price pr share given debt and the number of shares if the company had both an all equity structure and a mixed structure can be expressed as;

Price per Share = Debt Value / (Number of Shares under All-equity plan - Number of shares under mixed plan)

Price per share = 109,250 / (15,000 - 12,700)

= 109,250 / 2,300

= $47.50

4 0
2 years ago
Tom’s Tent Company has total fixed costs of $300,000 per year. The firm's average variable cost is $80 for 10,000 tents. At that
Ghella [55]

Answer:

The firm average total cost is $110

correct option is  d. $110

Explanation:

given data

total fixed costs = $300,000 per year

average variable cost = $80

tents = 10,000

to find out

we know that average total costs is sum of average fixed cost and average variable cost    .........................1

here

Average fixed cost = total fixed cost ÷  number of unit output

Average fixed cost = \frac{300,000}{10,000}

Average fixed cost = $30

so

average total costs = Average fixed cost  + average variable cost

average total costs = $30 + $80

average total costs = $110

correct option is  d. $110

8 0
2 years ago
Darius is considering buying new bedroom furniture. Naturally, he compares several types of beds, dressers, and bedside tables,
miss Akunina [59]

Answer: (B) The total product offering

Explanation:

 According to the question, Darius is evaluating the total offering of the products by comparing each products such as bedside table, beds and the dresses with the other brands.

By comparing one brand with the other brands, he evaluating the products price, warranty and the reputation.  

The total product offering is basically defined as the amount of the total products offered as the final output. The consumers are evaluating each product before busying the product.

Therefore, Option (B) is correct.

3 0
2 years ago
Other questions:
  • The administrator at Universal Containers has been asked to create an account management dashboard displaying opportunities and
    9·1 answer
  • The internal monthly magazine and blog at the cosmetics firm Mary Kay serve as ________ for employees; the magazine and blog are
    15·1 answer
  • Erin works at a financial institution. She has offered a housing loan to a customer. While carrying out the transaction, which l
    10·1 answer
  • Gord Larose and his friend David Allan worked in Ottawa at Nortel Networks, a giant telecommunications-equipment maker. One Frid
    10·1 answer
  • A college has found that some of its graduating students accept offers from Amazon that pay less than offers at other companies.
    9·1 answer
  • PLEASE HURYYYYY!!!!!!!
    7·1 answer
  • Allison's is expected to have annual free cash flow of $62,000, $65,400, and $68,900 for the next three years, respectively. Aft
    12·1 answer
  • "An adolescent is to receive radioactive iodine for Graves' disease. Which statement by the client reflects the need for more te
    5·1 answer
  • Bob,s candle factory is considering three different manufacturing options. Option A uses hand labor with fixed costs of $10,000
    6·1 answer
  • Pearson Motors has a target capital structure of 45% debt and 55% common equity, with no preferred stock. The yield to maturity
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!