Business, 23.08.2020 01:01 chrismcb875
A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $20,000, the interest for the year will be $3,400. Because you must repay a total of $23,400 in one year, the finance company requires you to pay $23,400/12, or $1,950.00, per month over the next 12 months.
1. Is this a 17 percent loan?
2. What rate would legally have to be quoted?
3. What is the effective annual rate?
Answers: 3
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Cash flows during the first year of operations for the harman-kardon consulting company were as follows: cash collected from customers, $385,000; cash paid for rent, $49,000; cash paid to employees for services rendered during the year, $129,000; cash paid for utilities, $59,000. in addition, you determine that customers owed the company $69,000 at the end of the year and no bad debts were anticipated. also, the company owed the gas and electric company $2,900 at year-end, and the rent payment was for a two-year period.
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Each row in a database is a set of unique information called a(n) table. record. object. field.
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A local finance company quotes a 17 percent interest rate on one-year loans. So, if you borrow $20,0...
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