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tensa zangetsu [6.8K]
3 years ago
13

What is the rate of interest on a loan of $2,000, for 284 days, if the amount of interest is $93.37, using the exact interest me

thod? (round your answer to the nearest tenth percent)?
Business
1 answer:
vesna_86 [32]3 years ago
4 0

Exact interest method is using 365 days instead of 360.

 

We are going to use the formula: I = Prt, we will derived the formula of rate.

r = I /Pt would be our formula, plugging in our amounts.

r = 93.37 / 2000 / (284/365)

= 93.37 / 2000 (0.7781)

= 93.37 / 1556.1643

= 0.06 or 6% when converted to percent.

 

To check:

I = Prt

= 2000 x 0.06 x 284/365

= 120 x 0.7781

= 93.37

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Demand for spinach is elastic.

Explanation:

The price floor, which is maintained by the United States, is the minimum price for selling the goods. This price is set above the equilibrium price, which results in excess supply while demand for the same goods remains constant.

Since the prices for spinach cannot be set lower than the price floor and the policy is decreasing the revenue output for spinach farmers then this probably means that the prices are set too high which has decreased the demand for spinach. This means that the demand for spinach is elastic.

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<h3>What is Foreign Exchange Market?</h3>

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<h3>Why foreign exchange is important?</h3>

Foreign exchange refers to the exchange of various national currencies or units of account. It is crucial because a country's economic health and, consequently, the happiness of all its citizens, are determined by the exchange rate, or the cost of one currency in relation to another.

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3 0
2 years ago
As inventory and property plant and equipment on the balance sheet are consumed, they are reflected: Select one: A. As a revenue
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The income statement and balance sheet both directly and indirectly refer to the expenses. You can better understand how an expense is reflected overall by often reading a company's income statement and balance sheet.

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alexira [117]

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CALCULATE EXPENSES

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Remember that being thorough when you add up expenses is important in creating a realistic budget. A forgotten bill really throws a wrench into your savings plan. When calculating your expenses, also factor in unexpected bills, such as unplanned car repairs. A good rule of thumb is to add an extra 10 percent to 15 percent. So if you’ve determined that you spend $1,500 a month, add $150 to $225.

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Vilka [71]

Answer:

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