1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
jonny [76]
3 years ago
6

Big Dom’s Pawn Shop charges an interest rate of 27.4 percent per month on loans to its customers. Like all lenders, Big Dom must

report an APR to consumers.
(a) What rate should the shop report? (Do not round intermediate calcualtions. Enter your answer as a percent rounded to 1 decimal place, e.g., 32.1.)
(b) What is the effective annual rate? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Business
1 answer:
Makovka662 [10]3 years ago
3 0

Answer:

Annual percentage rate: 328.8%

effective rate: 1728%

Explanation:

APR: Annual Percentage Rate

as the month is monthly we must multiply by 12 to convert into annual

27.4 x 12 = 328.8%

<u>The effective rate will have into consideration the compounding effect:</u>

(1+r_m)^{12}  = 1 + r_e

(1+0.274)^{12}  -1 = r_e

re = 1728%

You might be interested in
Suppose you have a health insurance policy with an annual premium of​ $4800, an annual deductible of​ $1000, and copayments of​
Sergeeva-Olga [200]

Answer:

Total cost for the year=$5,800

Explanation:

Finding the total cost of healthcare for a year, we can express this in the form;

Total cost for the year=Annual premium cost+annual deductible+Co-payments

since there were no visits to the doctors office for that year, the co-payments that are to be made per visit=0

Annual premium cost=$4800

Annual deductible cost=$1000

replacing in the expression for total cost;

Total cost for the year=Annual premium cost+annual deductible+Co-payments

Total cost for the year=(4,800+1,000+0)=5,800

Total cost for the year=$5,800

3 0
3 years ago
Compute cost of goods sold using the following information: Finished goods inventory, beginning $ 540 Cost of goods manufactured
SVEN [57.7K]

un u get the numbers then subtract them and come good with the answer

4 0
3 years ago
Joseph wants to open up a skateboard shop with his cousin Billy. He would like for them to own and operate the shop equally. Wha
Olegator [25]

This would be a general partnership because both parties are responsible equally.

6 0
3 years ago
Read 2 more answers
On January​ 1, 2024, Tyson Manufacturing Company purchased a machine for $41,100,000. ​Tyson's management expects to use the mac
denis23 [38]

Answer:

Annual depreciation= $5,865,714.29

Explanation:

Giving the following information:

Purchase price= $41,100,000

Salvage value= $40,000

Useful life in hours= 28,000

<u>To calculate the depreciation expense for 2024, we need to use the following formula:</u>

Annual depreciation= [(original cost - salvage value)/useful life of production in hours]*hours operated

Annual depreciation= [(41,100,000 - 40,000) / 28,000]*4,000

Annual depreciation= $5,865,714.29

7 0
3 years ago
How is health insurance different from auto insurance?
Bess [88]

While both types of insurance are required, if you do not have health insurance, you will be required to pay a fee on your taxes.

FYI, while this used to be true the United States has recently removed the requirement known as the "individual mandate" for people to have health insurance or face a penalty.

6 0
3 years ago
Other questions:
  • Suppose i decide to divide students up in their respective majors in the college of business. i then ask 40 students from each m
    11·1 answer
  • Beach boards reports dividends per share of $1.40 and net income for the year of $150,000. dividend yield is 3.5%. what is beach
    8·1 answer
  • In a large food or beverage establishment, on what form or schedule is any tip shortfall from a directly tipped employee recorde
    11·1 answer
  • Which of the following would be best considered to be an agency conflict problem in the behavior of the following financial​ man
    13·1 answer
  • Depreciation SchedulesDunn Corporation acquired a newr depreciable asset for $135,000. Theasset has a 5-year expected life and a
    7·1 answer
  • The weekly demand is 200 units . The cost to place an order is $2.00, and the time from ordering to receipt is four weeks. The w
    7·1 answer
  • When was the first convention center built?
    12·2 answers
  • Consumer wealth is defined as the total value of ______. Multiple choice question. assets minus the total value of liabilities a
    15·1 answer
  • When the sale of traditional soft drinks declined, many manufacturers realized the demand for sugar-free and sports drinks went
    5·1 answer
  • Which repayment plan will you be placed on automatically unless you change it by contacting server.
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!