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iris [78.8K]
3 years ago
8

Big Dom’s Pawn Shop charges an interest rate of 27.5 percent per month on loans to its customers. Like all lenders, Big Dom must

report an APR to consumers. What rate should the shop report? (Do not round intermediate calcualtions. Enter your answer as a percent rounded to 1 decimal place, e.g., 32.1.) APR % What is the effective annual rate?
Business
1 answer:
lidiya [134]3 years ago
3 0

Answer:

APR is 330% and EAR is 1745.53%

Explanation:

Given:

Monthly interest rate = 27.5%

APR or annual percentage rate = 27.5×12 = 330%

So, Big Dom should report an APR of 330% to customers.

EAR or effective annual rate = (1+\frac{APR}{m}) ^{m}-1

Here,

APR is 330% and m is 12

330÷12 = 27.5%

substituting the value in the above formula:

EAR = 1.275^{12}-1

        = 17.4553 or 1745.53%

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Answer:

County Medical Center

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Unrestricted contributions received by the County Medical Center are funds or other assets given to the Center with no restriction on their use.  Unrestricted contributions are usually directed at the funding of operational expenses, as the County Medical Center demonstrated.  Therefore, they are listed under operating activities in the Statement of Cash Flows.

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The best logical induction that can be made is d. People do and do not like oranges.

<h3>What is logical induction?</h3>

This refers to making a generalization about a population based on individual pieces of information about the population's members.

Betsy and Benjamin like oranges but Jose does not. This means that people can either like or dislike oranges.

Find out more on logical induction at brainly.com/question/2547001

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