Answer: The loan was taken for 265 days.
We arrive at the answer as follows:
First we find the ratio of interest paid to the total loan amount to determine the interest rate:
Interest paid = $1,307
Loan Amount = $45,000
Since the interest rate calculated above is less than the annual interest rate at 4%, we conclude that the loan taken was for a period of less than one year.
We can determine the period for which the loan was taken as follows:
Let 'x' be the time for which the loan was taken.
We need to solve for x in the proportion below
0.04 : 365 :: 0.029044444:x
Solving we get,
Answer:
the discount rate should be 10%
Explanation:
The computation of the discount rate should be given below:
The Amount of discount is is
= $50,000 - $48,750
= $ 1,250
The $1,250 should be for 90 days.
So for 360 days, it should be
= $1,250 × 4
= $5,000.
And, the discount rate is
= $5,000 ÷ 50,000 × 100
= 10%
Hence, the discount rate should be 10%
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Answer:
Let understand what elastic and inelastic demand is:
- If the small change in price causes heavy change in the quantity demanded then the demand is said to be elastic.
- Opposite to it is inelastic where even there is a very high change in the price but there is not so much effect on the quantity demanded.
Here, Camel cigarettes has a price elasticity of demand which is equal to 6 which means if the price suddenly increased, the quantity demanded will decrease. If any cigarette is having price elasticity of demand less than 2, it means it has less elasticity or if price increases very much then quantity demanded will not be affected so much.
