Business, 06.01.2021 18:30 Anderson0300
A loan of $12,000 is to be repaid within one year with level monthly payments, due at the beginning of each month. The 12 payments equal $1,000 each. A finance charge of $632 is also due with the first payment. Which of the following is closest to the effective annual interest rate on the loan?
a. 12.7%
b. 12.9%
c.13.1%
d. 13.3%
e. 13.5%
Answers: 3
![$1000+632+[1000 \times (PVAF (r ,11))]=12000$](/tpl/images/1016/4705/d41f6.png)
% per month of compounded monthly![$=[(1+0.01)^{12}]-1$](/tpl/images/1016/4705/4824a.png)
![$r=[(1.01)^{12}]-1$](/tpl/images/1016/4705/a5283.png)
%
Another question on Business
Business, 22.06.2019 10:30
True or false: a fitted model with more predictors will necessarily have a lower training set error than a model with fewer predictors.
Answers: 2
Business, 22.06.2019 10:30
Factors like the unemployment rate, the stock market, global trade, economic policy, and the economic situation of other countries have no influence on the financial status of individuals. ( t or f)
Answers: 1
Business, 22.06.2019 10:30
What are the positive environmental trends seen today? many industries are taking measures to reduce the use( _gold,carbon dioxide,ozone_) of -depleting substances and are turning to(_scarce,renewable,non-recyclable_) energy sources though they may seem expensive. choose one of those 3 option to fill the
Answers: 3
Business, 22.06.2019 22:30
Aresearcher developing scanners to search for hidden weapons at airports has concluded that a new scanner isis significantly better than the current scanner. he made his decision based on a test using alpha equals 0.025 .α=0.025. would he have made the same decision at alpha equals 0.10 question mark α=0.10? how about alpha equals 0.01 question mark α=0.01? explain
Answers: 3
You know the right answer?
A loan of $12,000 is to be repaid within one year with level monthly payments, due at the beginning...
Questions
Mathematics, 03.10.2019 10:50
Arts, 03.10.2019 10:50
Mathematics, 03.10.2019 10:50
Physics, 03.10.2019 10:50
Mathematics, 03.10.2019 10:50
Mathematics, 03.10.2019 10:50
History, 03.10.2019 10:50
History, 03.10.2019 10:50
Mathematics, 03.10.2019 10:50
Biology, 03.10.2019 10:50
Mathematics, 03.10.2019 10:50
