This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: A bank offers a 3% annual interest rate compounded monthly. The periodic interest rate is (Read 787 times)

ereecah

  • Hero Member
  • *****
  • Posts: 530
on: May 5, 2020

Question 1

CashNow is a payday loan company that offers quick, short-term loans using the borrower's future paychecks as collateral. CashNow charges $50 for each $250 loaned for a term of 28 days. Find the APR charged by CashNow. Round your answer to the nearest hundredth of a percent.
◦ 2.60%
◦ 26.07%
◦ 126.07%
◦ 260.71%
◦ 226.07%

Question 2

A bank offers a 3% annual interest rate compounded monthly. The periodic interest rate is
◦ 0.0025%.
◦ 0.05%.
◦ 0.25%.
◦ 0.025%.
◦ none of these
Excursions in Modern Mathematics ¦ Tannenbaum ¦ 9th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by ereecah on May 5, 2020

cici

  • Sr. Member
  • ****
  • Posts: 325
Reply #1 on: May 5, 2020
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 25% of students answer this correctly


Kamrynr

  • Newbie
  • *
  • Posts: 1
Reply #2 on: Nov 24, 2021
Thank you


Kahlil Collazo

  • Newbie
  • *
  • Posts: 1
Reply #3 on: Nov 24, 2021
thank you


Natalie

  • Newbie
  • *
  • Posts: 1
Reply #4 on: Nov 24, 2021
Thank you


detroitcolby313

  • Newbie
  • *
  • Posts: 1
Reply #5 on: Dec 6, 2021
thank you


Maddison hill

  • Newbie
  • *
  • Posts: 1
Reply #6 on: Apr 25, 2022
thank you


« previous next »
 

Did you know?

Intradermal injections are somewhat difficult to correctly administer because the skin layers are so thin that it is easy to accidentally punch through to the deeper subcutaneous layer.

Did you know?

Over time, chronic hepatitis B virus and hepatitis C virus infections can progress to advanced liver disease, liver failure, and hepatocellular carcinoma. Unlike other forms, more than 80% of hepatitis C infections become chronic and lead to liver disease. When combined with hepatitis B, hepatitis C now accounts for 75% percent of all cases of liver disease around the world. Liver failure caused by hepatitis C is now leading cause of liver transplants in the United States.

Did you know?

To combat osteoporosis, changes in lifestyle and diet are recommended. At-risk patients should include 1,200 to 1,500 mg of calcium daily either via dietary means or with supplements.

Did you know?

Aspirin may benefit 11 different cancers, including those of the colon, pancreas, lungs, prostate, breasts, and leukemia.

Did you know?

Essential fatty acids have been shown to be effective against ulcers, asthma, dental cavities, and skin disorders such as acne.

Latest Periodic Table Latest Periodic Table
The West Bank Challenge The West Bank Challenge
Periodic Function Periodic Function
Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ... Consider the production function ( ) 0.5 0.5 Y = AK L . Suppose both saving rate (s) and the ...
Daniel's Enterprises has a beta of 1.98 and a growth rate of 12 percent. The stock is ... Daniel's Enterprises has a beta of 1.98 and a growth rate of 12 percent. The stock is ...
Mishu wants to invest an inheritance of $20,000 for one year. His credit union offers 8.85% for ... Mishu wants to invest an inheritance of $20,000 for one year. His credit union offers 8.85% for ...
Video: Structures that affect circulation - heart and systolic/diastolic BP

For a complete list of videos, visit our video library