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Rus_ich [418]
3 years ago
6

Friendly's quick loans, inc., offers you "$4.10 for $5.10 or i knock on your door." this means you get $4.10 today and repay $5.

10 when you get your paycheck in one week (or else). if you were brave enough to ask, what apr would friendly's say you were paying?
Business
2 answers:
Dmitrij [34]3 years ago
8 0
1268% APR  
First, let's see what interest is charged over a 1 week period. 
(5.10 - 4.10)/ 4.10 = 1.00/4.10 = 0.2439 = 24.39%  
So we have 24.39% for 1 week. But APR stands for Annual Percentage Rate. And since there's 52 weeks in a year, we need to multiply that weekly percentage rate by 52. So: 
24.39% * 52 = 1268.28%  
Ouch, usury at it's greatest. You can get loans from Friendly's at the low low rate of only 1268% APR. I'd suggest going elsewhere for your financial needs.
storchak [24]3 years ago
6 0
If it costs $5.10 to get $4.10 from Friendly's then the loanee would pay about 24% which is a pretty high interest rate and presumably the interest rate would decrease with a higher amount loaned as on a larger amount the actual amount of interest earned would still be significant with a lower interest rate.
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5 0
3 years ago
Kaplan, Inc. produces flash drives for computers, which it sells for $27 each. The variable cost to make each flash drive is $13
horsena [70]

Answer:

Contribution per unit

= Selling price - Variable cost per unit

 = $27 -$13

= $14

Contribution margin ratio

= Contribution per unit

  selling price

= $14

  $27

=  0.518518518

Break-even point in dollars

= $1,400

  0.518518518

= $2,700

               

Explanation:

Break-even point in dollars  equals fixed cost divided by contribution margin ratio. Contribution margin ratio is equal to contribution per unit divided by selling price. Contribution per unit is selling price minus variable cost per unit.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

4 0
3 years ago
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AfilCa [17]

Answer:

D) Susie would buy more massages and fewer rounds of golf,as predicted by the substitution effect.

Explanation:

Let's check the utility that Susie gets from consuming these products.

The second round of golf gives her 20 units of satisfaction at $20 = 20/20 = 1

The third massage gives her 30 units of satisfaction at $30 = 30/30 = 1

But now the price the price for massage has come down to $15. The ratio of their prices would be

20/15 = 1.333

1.3 is greater than 1

So she should substitute golf for massages

6 0
2 years ago
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