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3 years ago

Sporting goods charges .85 percent interest per month. what rate of interest are its credit customers actually paying?

1 answer:

8 0

To answer this item, we assume that the interest rate is simple, such that the yearly rate was only divided by 12 months in order to determine the rate per month. Hence, to answer this item, we simply have to multiply the given percent by 12.

rate of interest/year = (12)(0.85%) = 10.2%

Therefore, the answer is 10.2%.

You might be interested in

Government is lobbied to institute price controls because: Multiple Choice

trapecia [35]

Answer:

people care more about their own surplus than they do about total surplus.

Explanation:

Price control can either be a price ceiling or a price floor.

A price ceiling is when the government or an agency of the government sets the maximum price for a good or service. It is usually set below equilibrium price.

Price ceiling increase consumer surplus and reduce producer surplus.

A price floor is when the government or an agency of the government sets the least price a good or service can be sold. It is usually set above equilibrium price.

Price floor increases producer surplus and reduces consumer surplus.

Producers would be advocating for a price floor because it increases their surplus, while, consumers would advocate for a price ceiling.

Consumer surplus is the difference between the willingness to pay of a consumer and the price of the product.

Producer surplus is the difference between the price of a product and the least price the seller is willing to sell the product.

I hope my answer helps you

7 0

4 years ago

On September 1 the Petite-Sizes Store paid $12,000 to the Mega-Mall Co. for 3-month rent beginning September 1. Prepaid Rent was

blsea [12.9K]

B) Rent Expense $4,000
Rent $4,000

6 0

4 years ago

Generally when do glaciers advance downward, causing further erosional landforms? throughout the entire year during colder seaso

melamori03 [73]

Generally, it is during the colder seasons that glaciers tend to advance downward, causing further erosional landforms. Items below are facts regarding Glaciers according from the National Oceanic and Atmospheric Administration (NOAA) who studies the skies and the oceans:

1. Approximately 10 percent of Earth's land is covered with glaciers.

2. Glaciers covered 32 percent of land during the last Ice Age.

3. Glaciers store about 75 percent of the world's fresh water.

4. Antarctic ice is more than 2.6 miles approximately 4,200 meters thick in some areas.

5. If all land ice melted, sea level would rise approximately 230 feet (70 meters) worldwide.

4 0

3 years ago

Assume that demand increases from D1to D2; in the new long run equilibrium, price settles at a level between P1and P2This means

aksik [14]

Answer:

The answer is B. Increasing

Explanation:

An increasing-cost industry is an industry whose costs for production increase as more companies compete.

Why is this so? - This is because each new company in the industry increases its demand for supplies and factors needed for production.

A decreasing‐cost industry is one where costs of production reduces as the industry expands.

6 0

4 years ago

Firm A is being acquired by Firm B for $35,000 worth of Firm B stock. The incremental value of the acquisition is $2,500. Firm A

LekaFEV [45]

Answer:

option (b) $34,789

Explanation:

Data provided in the question:

Worth of Firm A = $35,000

Incremental value of the acquisition = $2,500

Number of shares of Firm A outstanding = 2,000

Price of Firm A shares = $16 per share

Number of shares of Firm B outstanding = 1,200

Price of Firm B shares = $40 per share

Now,

Number of shares issued = Worth of Firm A ÷ Price per share of Firm B

= $35,000 ÷ $40

= 875 shares

Value per share after merger

= [ (1,200 × $40) + ( 2,000 × $16 ) + $2,500 ] ÷ [ 1,200 + 875 ]

= $82,500 ÷ 2,075

= $39.759

Therefore,

The Actual cost of acquisition

= Number of shares issued × Value per share after merger

= 875 × $39.7588

= $34788.95 ≈ $34,789

Hence,

The answer is option (b) $34,789

4 0

3 years ago