Answer:
6.92%
Explanation:
The computation of the annually compounded rate of interest is presented below:
Future value = Invested amount × (1 + rate)^number of years
where,
Invested amount = $1,800
Rate = ?
Number of years = 1 year
The future value = $1,924.62
So, the rate is
$1,924.62 = $1,800 × (1 + rate)^1
After solving this, the rate is 6.92%
Answer:
Positive statement
Positive statement
normative statement
normative statement
Explanation:
Positive Economics is objective and statements are usually based on facts and economic theory. They can be tested.
For example, the statement - the lack of effective regulation contributed to a risk-seeking culture in the financial services industry- can be test empirically
Normative economics is based value judgements, opinions and perspectives. For example, the statement - Central banks should have imposed tighter regulations on banks to prevent the financial crisis- is based on opinion. Everyone would have an opinion on what the Central bank should have done
The bank can repossess the car and if anything is used as collateral they can claim that as well. It is best to not get yourself in debt you cannot pay off.
One way to calculate debt is to figure out what your income is per week, and divide that by the weekly payments for the car. Lets say you make 3200, and your debt is 450 a week.
As shown below
<em>Income ÷ Payments </em>
3200 ÷ 450 = 0.14
Now multiply that by 100 to get your percentage,
0.14 x 100 = %14
Financial advisors recommend that you keep your debt-to-income ratio under 30%.
