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 1772 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?

A headache when you wake up in the morning is indicative of sinusitis. Other symptoms of sinusitis can include fever, weakness, tiredness, a cough that may be more severe at night, and a runny nose or nasal congestion.

Did you know?

Though “Krazy Glue” or “Super Glue” has the ability to seal small wounds, it is not recommended for this purpose since it contains many substances that should not enter the body through the skin, and may be harmful.

Did you know?

The term pharmacology is derived from the Greek words pharmakon("claim, medicine, poison, or remedy") and logos ("study").

Did you know?

In 2010, opiate painkllers, such as morphine, OxyContin®, and Vicodin®, were tied to almost 60% of drug overdose deaths.

Did you know?

Recent studies have shown that the number of medication errors increases in relation to the number of orders that are verified per pharmacist, per work shift.

Effects of growth rate on development. Effects of growth rate on development.
Firing Rate of Individual SCN Neurons in a Tissue Culture Color bars have been added to emphasize th Firing Rate of Individual SCN Neurons in a Tissue Culture Color bars have been added to emphasize th
How to calculate monthly payments at varying amortization periods (Question 3) How to calculate monthly payments at varying amortization periods (Question 3)
How to calculate simple interest (Part 4; P = I/rt) How to calculate simple interest (Part 4; P = I/rt)
Population growth and growth rate, 1950 - 2100 Population growth and growth rate, 1950 - 2100
You make 4 semi-annual deposits starting at $350 and increasing at a constant rate of 2.14%. ... You make 4 semi-annual deposits starting at $350 and increasing at a constant rate of 2.14%. ...
Video: Sister chromatids of a metaphase chromosome animation

For a complete list of videos, visit our video library