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Misha Larkins [42]
4 years ago
6

-Ricky Ripov’s Pawn Shop charges an interest rate of 15.25 percent per month on loans to its customers. Like all lenders, Ricky

must report an APR to consumers.
What rate should the shop report? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Annual percentage rate %

What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)

Effective annual rate %
Business
1 answer:
yuradex [85]4 years ago
6 0

Answer:

183.00%

449.15%

Explanation:

The computation of annual percentage rate and the effective annual rate  shown below:

Annual percentage rate is

= Interest rate per month × Total Number of months  in a year

= 15.25% × 12  months

= 183.00%

The effective annual rate is

= (1 + nominal interest rate ÷ periods)^ number of period - 1

= (1 + 15.25% ÷ 12)^12 - 1

= 449.15%

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Answer:

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Explanation:

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"gets things started" and manages the means of production in a free enterprise system. good and services for sale in the market
larisa [96]

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3 years ago
Fabtabtix, a designer clothing brand, has been selling clothes in the country of Grolania for over 30 years. With more number of
user100 [1]

Answer:

The correct answer is (b)

Explanation:

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3 years ago
In 2019, Britt drove her automobile 16,200 miles for business. She incurred $900 in gas expenses and $235 in tolls associated wi
jeka57 [31]

Answer:

$9,631

Explanation:

In 2019, the Standard mileage rate deduction for the business purposes is 58 cents per mile.

Therefore,

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= (No. of miles drove × 58 cents per mile) + Tolls associated with the business mileage

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= 9,396 + 235

= $9,631

Therefore, by using the standard mileage method, her deduction is $9,631.

4 0
3 years ago
Mary suffers $25,000 in uninsured losses in 2019 when her house burns down while she was on vacation. This loss was not due to a
galina1969 [7]

Answer:

$0

Explanation:

The Tax Cuts and Jobs Act eliminated the possibility of deducting casualty losses if they were not caused by federally declared natural disasters. The only way Mary could deduct the $25,000 loss is that she had some type of casualty gain during the year that is offset by this loss. Casualty gains result when a person receives more money from an insurance company due to an event, e.g. fire, than the basis of the property. But in this case, there is no prior casualty gain, so the casualty loss cannot be deducted.

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