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
Setler [38]
3 years ago
11

Zola borrows $1000. To repay the amount, she makes 12 equal monthly payments of $95. Compounding is done monthly. Determine nomi

nal interest rate. Hint use the excel formula RATE to find the monthly effective interest rate. Then convert that to the nominal rate. Remember nominal interest does not account for sub-period compounding. (EX: effect monthly interest is 3%, the nominal rate is 3*12 = 36%)
Business
1 answer:
Verdich [7]3 years ago
4 0

Answer:

Effective monthly rate 2.076%

Yearly nominal rate: 24,912%

Explanation:

In excel we have to specify the number of period. The amount we borrow and the payment we are doing This should be negative as represent a cash outflow.

This is solving for the rate of the annuity for 95 of 12 months that discounted at X rate gives 1,000 as the present value:

C \times \frac{1-(1+r)^{-time} }{rate} = PV\\

95 \times \frac{1-(1+r)^{-10} }{rate} = 1000\\

we write on A1

=RATE(12;1000;-95)

and we will receive 2.076% as answer

<em><u>Now to convert into nominal:</u></em>

2.076 x 12 = 24,912%

You might be interested in
का<br><br><br><br><br>स्थानीय प्रविधि भनेको के हो ?<br>​
stich3 [128]

Answer:

टेक्नोलोजी जुन व्यक्ति तिनीहरूको दैनिक जीवनमा सहयोग पुर्‍याउँछन्

Explanation:

3 0
4 years ago
Officials argue that the government needs to reduce the national debt. Which actions are most likely to accomplish this goal?
ad-work [718]
If o<span>fficials argue that the government needs to reduce the national debt, I believe that the actions that are most likely to accomplish this goal are to increase taxation and decrease spending.
If they increase taxation, more money will come into the state fund, and if they decrease spending, more money will actually stay there.
</span>
5 0
3 years ago
Match the careers with the career clusters.
stealth61 [152]

Answer:

The correct answers are;

Adult Care counselor        -      Sociologist

Nurse practitioner             -      Radiologist

Meeting Planner               -       Concierge

Explanation:

The question asks to correctly match the career with the different career groups. The adult care counselor can be a sociologist as he/she provides the services of counselling, human services, social work, give advice and help out in decision making.

Another career group is nurse practitioner which matches with the radiologist which diagnoses diseases and treats patients by imaging techniques. Example : X-Rays.

The third career group is meeting planner which perfectly classifies as concierge who is also known as a person who is a caretaker of a specific venue. He/She can assist guest or clients in booking a venue and arranging the events or meetings.

6 0
3 years ago
Read 2 more answers
None of the following would be an advantage of self-administered surveys:
My name is Ann [436]

Answer:

B. False

Explanation:

A self-administered survey is one where there is the collection of the necessary data for the survey is carried out through a questionnaire of questions to be answered by the interviewee. Questionnaires can be sent via mail, e-mail, personal interception, hand delivery etc.

The advantages of self-administered surveys are cost reduction, since questionnaires can be sent via email at no cost to both, greater control of the interviewee, since the questions can be developed according to the information you want to collect, greater quick feedback, which reduces the apprehension of the interview evaluation.

3 0
3 years ago
Brent Bishop is the vice president of operations for Southern Sweets Bakery. He drives a 2017 Toyota Prius Prime as his company
denis23 [38]

Answer:

$2,297.50

Explanation:

The annual lease value for Brent's Toyota Prius is $9,750. Since he uses the car approximately 20% of the time for personal use, then Brent's share of the annual lease is = $9,750 x 20% = $1,950

This 20% of personal use represents 6,950 miles (= 34,750 miles x 20%), if the company charges him five cents per mile, then Brent is receiving  $347.50 (= 6,950 x $.05 ) for personal fuel use.

Brent's total taxable benefit = $1,950 +  $347.50 = $2,297.50

4 0
3 years ago
Other questions:
  • Compute various manufacturing overhead rates.
    15·1 answer
  • Mary and Jeff entered into a partnership agreement. However, the agreement didn't state how income and losses would be divided.
    9·2 answers
  • Because it is difficult for economists to use experiments to generate data, they generally must a. use whatever data the world g
    12·1 answer
  • 1. On a $375,000 home loan, you can either finance at 5.6% for 20 or 30 years. Find the monthly payment and the total paid over
    6·1 answer
  • Explain the following statement: Marketing is more than just promotion.
    5·2 answers
  • A financial planner is examining the portfolios held by several of her clients. Which of the following portfolios is likely to h
    9·1 answer
  • Which of the following scenarios would likely shift the supply curve for potatoes to the right (increase in supply)?
    11·1 answer
  • Andy's business is not able to pay its debts, and the prospects for its finances to improve are slim. Andy decides not to contin
    5·1 answer
  • What concept of scarcity refers to what idea​
    6·1 answer
  • Jamie is single. In 2020, she reported $108,000 of taxable income, including a long-term capital gain of $5,800. What is her gro
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!