Monthly payment = $1774.71
Effective annual rate = 7.02%
The equation for a loan payment is
P = r(PV)/(1-(1+r)^(-n))
where
P = Payment per period
PV = Present value
r = interest rate per period
n = number of periods
Since the 6.8% interest rate is APR, we need to divide by 12 to get the interest per month. So in the above equation r = 0.068/12 = 0.005666667, the number of periods is 48 and the Present Value is 74400. Let's plug in the numbers and calculate.
P = r(PV)/(1-(1+r)^(-n))
P = 0.00566666666666667(74400)/(1-(1+0.00566666666666667)^(-48))
P = 421.6/(1-(1.00566666666666667)^(-48))
P = 421.6/(1-0.762439412691304)
P = 421.6/0.237560587308696
P = 1774.70516
So the month payment rounded to 2 decimal places is $1774.71
The effective interest rate is
ER = (1 + r/12)^12 - 1
Let's plug in the numbers and calculate.
ER = (1 + 0.068/12)^12 - 1
ER = (1 + 0.00566666666666667)^12 - 1
ER = (1.00566666666666667)^12 - 1
ER = 1.07015988024972 - 1
ER = 0.07015988024972 = 7.015988024972%
So after rounding, the effective interest rate is 7.02%
Answer:
conducts
Explanation:
a fuse consists of a metal strip of wire fuse element, of small cross-section compared to the circuit conductors, mounted between a pair of electrical terminals,and (usually) enclosed by a non-combustible housing. The fuse is arranged in series to carry all the current passing through the protected circuit.
Answer:
Middle Management
Which is not a typical function:
Middle management may be reduced in organizations as a result of reorganization. Such changes can take the form of downsizing," delayering," and outsourcing.
Explanation:
Options:
1. Middle management is at the center of a hierarchical organization, subordinate to the senior management but above the lowest levels of operational staff.
2. Middle managers are accountable to top management for their department’s function. They provide guidance to lower-level managers and inspire them to perform better.
3. Middle managers balance a functional or technical understanding of those who report to them with the interpersonal skills of a manager. This form of leadership requires a strong ability to communicate, mentor, train, hire, organize, optimize processes, and prioritize.
4. Middle-management functions generally revolve around enabling teams of workers to perform effectively and efficiently and reporting these performance indicators to upper management.
5. Middle management may be reduced in organizations as a result of reorganization. Such changes can take the form of downsizing," delayering," and outsourcing.
The last option (No. 5) is certainly not a function of middle management. It is what happens to middle management during reorganization.
Answer: Consumer Financial Protection Bureau
Explanation:
The <em>Consumer Financial Protection Bureau (CFPB)</em> was established in 2010 as a result of the <em>Dodd-Frank Wall Street Reform and Consumer Protection Act </em>which was passed by congress in a bid to make changes to the nation's financial systems and correct factors that may contribute to another crises like the Great Recession of 2008.
The CFPB's role is to protect the interest of customers in the financial services sector and as a result all financial services providers in the United States fall under its jurisdiction including banks, securities firms and credit unions.
