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
andrey2020 [161]
3 years ago
13

Al's obtained a discount loan of $68,500 today that requires a repayment of $93,228, 4 years from today. What is the APR

Business
1 answer:
saw5 [17]3 years ago
4 0

Answer:

8%

Explanation:

To find the answer, you have to use the formula to calculate the rate of interest:

r=(FV/PV)^1/n-1, where

r= rate of interest

FV= future value=$93,228

PV= present value=$68,500

n= number of periods of time=4 years

Now, you can replace the values in the formula:

r=(93,228/68,500)^1/4-1

r=1.08-1

r=0.08→8%

According to this, the APR is 8%.

You might be interested in
The web organizes information by using _____, meaning documents that include embedded references to audio, text, images, video,
Whitepunk [10]

The web organizes information by using hypermedia, meaning documents that include embedded references to audio, text, images, video, or other documents.The term hypermedia comes from the tem hypertext, which is text displayed on a computer display . Hypermedia is more than a text It is everything that we see, hear, and interact with on the Web (data, text, graphics, video, and audio).

3 0
3 years ago
A product is __________ that can be offered through a voluntary marketing exchange.
Setler79 [48]
anything of value to consumers
5 0
3 years ago
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules,
Vlad [161]

Answer:

Explanation:

The journal entries are shown below:

1.  Notes receivable A/c Dr $450,000

          To Cash A/c                               $450,000

(Being the notes receivable acceptance is recorded)

2. Interest receivable A/c Dr $40,500

      To Interest revenue                       $40,500

(Being the interest is collected)

Interest = Principal × rate of interest × number of months ÷ (total number of months in a year)

= $450,000 × 12% × (9 months ÷ 12 months)

= $40,500

The 3 months is calculated from April 1 to December 31

3.  Cash A/c Dr $504,000

             To Notes receivable A/c $450,000

             To  Interest receivable A/c $40,500

             To Interest revenue A/c      $13,500

(Being cash collected recorded)

Interest revenue = Principal × rate of interest × number of months ÷ (total number of months in a year)

= $450,000 × 12% × (3 months ÷ 12 months)

= $13,500

The 3 months is calculated from December 31 to April 1

6 0
3 years ago
Natalie operates on a pretty tight budget. She is a price-conscious shopper and usually buys store or generic brands to save mon
Llana [10]

Answer: The income effect

Explanation: The income effect refers to the effect on the purchasing power of the consumer when his or her income level changes.

In the given case, Natalie was price conscious  and used to buy lower priced goods with the objective of saving money. When her income rises she starts buying expensive goods as her purchasing power increases with increase in income.

Hence from the above we can conclude that the correct option is A.

7 0
3 years ago
A. the repairs do not extend beyond the damage suffered.
TEA [102]
It would be c. hope that helps
5 0
2 years ago
Other questions:
  • If you see someone moving furtively around your home what should you do
    5·1 answer
  • In 2012, more than 1.4 billion movie tickets were sold, more than 17 million people attended NFL games, and about 30 million peo
    9·1 answer
  • A customer redeems 1,000 shares of XYZ Fund. The computed Net Asset Value per share is $14.75 and the Public Offering Price is $
    15·1 answer
  • It is possible to use a decision making process for any decision.
    11·2 answers
  • Why do you think economists can be certain that every
    12·1 answer
  • You expect to receive a payment of $600 one year from now. Answer the following questions and show your calculations:
    14·1 answer
  • Consider the same scenario as in the previous question: On March 31, 2015, Cars, Inc. owes Preston Devices, one of its suppliers
    5·1 answer
  • Mi familia y yo fuimo al cine y noscoperamo papra la entrada que fue $245 si mi hermana dio 1/5 del total mientras yo di 4/10 y
    5·1 answer
  • Who may be affected by monetary penalties imposed by the Internal Revenue Service when a Tax Professional fails to meet due dili
    13·1 answer
  • if the federal reserve decided to include virtual money like bitcoins in its measure of the money supply, what would be the effe
    5·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!