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
NemiM [27]
3 years ago
6

A set of speakers may be purchased now for $1000 or by making a down payment of $150 and additional payments of $100 at the end

of each of the next ten months. Compute the nominal annual interest rate for the time payment plan.
Business
1 answer:
victus00 [196]3 years ago
4 0

Answer:

the nominal annual interest rate on the payment plan is 15%

Explanation:

According to the question, a one-time payment for the speakers will cost $1,000

An installmental payment will have a $150 down payment and then another $100 fro ten subsequent months.

Calculating the total payment at tthe end of the payment plan will give

$150 + ($100 x 10months)

we have, $150 + $1,000 = $1,150.

This shows that at the end of the payment plan, the set of speakers would have cost $1,150 instead of $1,00 one-time payment.

Step 2:

To calculate the interest rate, we subtract the one-time price from the payment plan price and express it as a percentage of the one time price to get tthe interest rate.

$1,150-$1,000 = $150

then we have,

($150 ÷ $1,000) × 100%

= 0.15 × 100%

- 15%

The nominal annual interest rate is 15%.

Cheers.

You might be interested in
Credit sales are recorded by crediting an accounts receivable.
Anna35 [415]
The answer to the sentence above is false based on the transaction above. Account Receiveable is an asset account which has "debit" as its natural balance. Recording credit sales will increase the account receivable balance and sales balance, thus an increase in account receivable balance occurs on the debit side.
8 0
3 years ago
Identify which of the below factors will achieve great results with your client:a. feedbackb. quality work
Sonbull [250]

Answer:

The correct answer is letter "B": quality work.

Explanation:

The quality of a good or service determines if the standard expectation of a product is met according to a consumer. Typically, when the good or service has above-standard quality, consumers are likely to purchase it regularly. The opposite happens with below-standard goods or services: consumers stop buying them.

7 0
3 years ago
When advertising and promotional efforts to sell a product or service address a specific demographic, e.g., age, gender, or ethn
Musya8 [376]

Target market and target demographics. You can think of this as an avatar of the ideal customers.

6 0
2 years ago
Megan: most people recognize that the budget deficit has been rising considerably over the last century. we need to find the bes
goldfiish [28.3K]

The answer is "<u>The disagreement between these economists is most likely due to differences in scientific judgments."</u>


It isn't surprising that as the inquiry proceeds with, researchers at times differ about the bearing in which truth lies. Economists regularly differ for a similar reason. Economics  is a youthful science, and there is still much to be educated. Economists here and there differ in light of the fact that they have distinctive hunches about the legitimacy of elective hypotheses or about the extent of critical parameters that measure how monetary factors are connected.



8 0
3 years ago
Joey realizes that he has charged too much on his credit card and has racked up $5,000 in debt. If he can pay $150 each month an
olasank [31]

Answer:

47 months

Explanation:

This can be calculated using a financial calculator :

I = 18% / 12 = 1.50%

PV = -5000

PMT = 150

FV = 0

N = 47 months

6 0
3 years ago
Other questions:
  • A company purchased a delivery van for $23,000 with a salvage value of $3,000 on September 1, Year 1. It has an estimated useful
    11·1 answer
  • Keller Cosmetics maintains an operating profit margin of 7% and asset turnover ratio of 4.
    10·1 answer
  • Robin has moved to a new town during her sophomore year in high school. In order to find a new group of friends, she joins the s
    5·2 answers
  • Safty nets should be provided where the falling distance is 25 feet or more
    12·1 answer
  • A normative economic statement can be proved or disproved by reference to facts?
    9·1 answer
  • ________ refers to the process of giving new employees the information they need to do their work comfortably, effectively, and
    7·1 answer
  • National saving a. is the total income in the economy that remains after paying for consumption. b. is the total income in the e
    9·1 answer
  • The Red Bud Co. pays a constant dividend of $2.00 a share. The company announced today that it will continue to do this for anot
    10·1 answer
  • Last month when Holiday Creations, Inc., sold 44,000 units, total sales were $308,000, total variable expenses were $215,600, an
    6·1 answer
  • 1. Clark is the kind of manager that values input from his team and likes to involve them in the decision-making process. He pre
    9·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!