Johnston Bros. purchased a new 11,850 freezer for their seafood ...

[lidoalex]

Johnston Bros. purchased a new 11,850 freezer for their seafood shop with a 36-month installment loan. The monthly payments are 417.67 per month. a. Use the APR formula to calculate the annual percentage rate of the loan. (Round to the nearest hundredth of a percent) b. Use the APR Table 13-1 from your text to calculate the annual percentage rate of the loan.

Question 2

An estate valued at 510,000 is to be distributed among the wife, 2 children, and 3 grandchildren. The children will each receive two times as much as each grandchild, and the wife will receive five times as much as each child. How much will each person receive? a. Wife _______________ b. Child _______________ c. Grandchild __________
 Fill in the blank(s) with correct word

[leahchrapun]

Answer to Question 1

a. 16.08
b. 16.25

Answer to Question 2

a. Wife  300,000
b. Child  60,000
c. Grandchild  30,000

[lidoalex]

Thanks for the timely response, appreciate it

[tkempin]

Great answer, keep it coming