Business, 06.11.2019 01:31 astultz309459

This problem illustrates a deceptive way of quoting interest rates called add-on interest. imagine that you see an advertisement for crazy judy’s stereo city that reads something like this: "$1,000 instant credit! 16.5% simple interest! three years to pay! low, low monthly payments! " you’re not exactly sure what all this means and somebody has spilled ink over the apr on the loan contract, so you ask the manager for clarification. judy explains that if you borrow $1,000 for three years at 16.5 percent interest, in three years you will owe: $1,000 × 1.1653 = $1,000 × 1.58117 = $1,581.17judy recognizes that coming up with $1,581.17 all at once might be a strain, so she lets you make "low, low monthly payments" of $1,581.17/36=$43.92 per month, even though this is extra bookkeeping work for her. what is the apr on this loan?

Answers: 1

Show answers

Other questions on the subject: Business

Business, 22.06.2019 08:30, isaicruz2018

Which actions can you improve your credit score? (multiple can be selected)having a good credit score should be your prime objective as credit companies analyze your creditworthiness before giving you a loan. there are certain guidelines you can follow to ensure you have a good credit score. always pay your mortgage interest on time. if you are a student, make student loan inquiries before taking any loan. if you have multiple credit cards, manage them judiciously. maintain a healthy balance in your bank account.1. always pay your mortgage interest on time.2. if you are a student, make student loan inquiries before taking any loan.3. if you have multiple credit cards, manage them judiciously.4. maintain a healthy balance in your bank account.

Answers: 1

continue

Business, 23.06.2019 02:00, kyralynn123

You are considering the purchase of one of two machines used in your manufacturing plant. machine 1 has a life of two years, costs $20,000 initially, and then $4,000 per year in maintenance costs. machine 2 costs $25,000 initially, has a life of three years, and requires $3,500 in annual maintenance costs. either machine must be replaced at the end of its life with an equivalent machine. using eac which is the better machine for the firm

Answers: 1

continue

Business, 23.06.2019 02:30, maricruzisfye

Interview notes mike is 50 and made $36,000 in wages in 2017. he is single and pays all the cost of keeping up his home. mike's daughter, brittany, lived with mike all year. brittany's son, hayden, was born in november 2017. hayden lived in mike's home since birth. brittany is 25, single, and had $1,500 in wages in 2017. she is not disabled. mike provides more than half of the support for both brittany and hayden. mike, brittany, and hayden are all u. s. citizens with valid social security numbers. 4. who can mike claim as a qualifying child(ren) for the earned income credit?

Answers: 1

continue

Business, 23.06.2019 03:30, lailabirdiemae

Sub to "j h" yt channel to be entered in a giveaway $50 visa

Answers: 1

continue

You know the right answer?

This problem illustrates a deceptive way of quoting interest rates called add-on interest. imagine t...