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 1774 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?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

Cocaine was isolated in 1860 and first used as a local anesthetic in 1884. Its first clinical use was by Sigmund Freud to wean a patient from morphine addiction. The fictional character Sherlock Holmes was supposed to be addicted to cocaine by injection.

Did you know?

Parkinson's disease is both chronic and progressive. This means that it persists over a long period of time and that its symptoms grow worse over time.

Did you know?

For high blood pressure (hypertension), a new class of drug, called a vasopeptidase blocker (inhibitor), has been developed. It decreases blood pressure by simultaneously dilating the peripheral arteries and increasing the body's loss of salt.

Did you know?

There are actually 60 minerals, 16 vitamins, 12 essential amino acids, and three essential fatty acids that your body needs every day.

A nurse adjusts the rate of a client’s IV. A nurse adjusts the rate of a client’s IV.
Ovulation Process The two ovaries alternate ovulation in each monthly cycle. Ovulation Process The two ovaries alternate ovulation in each monthly cycle.
How to calculate simple interest (Part 1) How to calculate simple interest (Part 1)
For each function f(x) = 6x^2 - 4, estimate the instantaneous rate of change for the given ... For each function f(x) = 6x^2 - 4, estimate the instantaneous rate of change for the given ...
The treasurer of a union proposes changing the method of compounding interest on premium ... The treasurer of a union proposes changing the method of compounding interest on premium ...
Determine m​, ​n, and i for money invested at 3.6​% compounded semi-annually for 3.5 ... Determine m​, ​n, and i for money invested at 3.6​% compounded semi-annually for 3.5 ...
Video: Acid-base imbalances - respiratory acidosis and alkalosis

For a complete list of videos, visit our video library