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
gregori [183]
3 years ago
5

Barcain Credit Corp. wants to earn an effective annual return (EAR) on its consumer loans of 16 percent per year. If the bank us

es daily compounding on its loans, what APR is the bank required by law
Business
2 answers:
Schach [20]3 years ago
4 0

Answer:

14.84%

Explanation:

Effective annual return (EAR) = (1 + ( r / m) ^m -1

APR = m (( 1 + EAR) ^( 1/m) - 1)

where m = 365 since it is compounded daily

APR = 365 (( 1 + 0.16) ^( 1/365) - 1) = 14.84%

Marizza181 [45]3 years ago
3 0

Answer:

14.84%

Explanation:

The formula to calculate the effective annual return ((EAR) is

Effective annual return (EAR) = {1 + ( r / m) ^m -1}

m = 365 compounded daily for a year

EAR = 0.16

Calculation of APR is as follows

APR = m {( 1 + EAR) ^( 1/m) - 1} ×100

APR = 365 {( 1 + 0.16) ^( 1/365) - 1} ×

APR = 365{(1.16)^(0.00273972603)-1}×100%

APR = 365{1.00040671284 - 1} ×100%

APR = 365× (0.00040671284)×100%

APR = 0.1484× 100%

APR = 14.84%

You might be interested in
Immediately after a hurricane, it is likely that the quantity demanded for tree cutting/removal services will ______ the quantit
kotykmax [81]

Answer:

Immediately after a hurricane, it is likely that the quantity demanded for tree cutting/removal services will "Remain" the quantity supplied, causing the price of tree cutting/removal services to ''Rise''

Explanation:

3 0
3 years ago
On February 1, a seller paid $1,140 in annual property tax for the current calendar year. He sold the house with the closing set
tigry1 [53]

Answer:

$288

Explanation:

Since the total property taxes for the year are $1,140, to find the property tax per month we have to divide by 12 ⇒ $1,140 / 12 = $95 per month

The seller is responsible for paying the property taxes during 3 months and 1 day, to find out the amount for that 1 day we divide the monthly tax by 30 = $3.17 per day.

the total seller's credit = ($95 x 3) + $3 = $285 + $3 = $288

*The seller's credit includes all the expenses that must be paid by the seller, while the seller's debit includes all the money that he receives.

6 0
3 years ago
Kelley Company reports $1,250,000 of net income for 2017 and declares $175,000 of cash dividends on its preferred stock for 2017
defon

Answer:

Net income available to common stockholders is $1,075,000

Explanation:

Net Income                            $1,250,000

To Preferred Shareholders   <u>$175,000    </u>

Net income available to       <u>$1,075,000</u>

common stockholders

Basic earnings per share = Net income available to common stockholders / weighted average shares of common stock

Basic earnings per share = $1,075,000 / 380,000

Basic earnings per share = $2.8290 per share.

3 0
3 years ago
A project manager has just found out that a major subcontractor for her project is consistently late delivering work. The projec
Olenka [21]

Answer:

compromise

Explanation:

Compromise as a conflict resolution strategy is one that involves finding acceptable reasons such that all the parties involved in the conflict have their concerns satisfied partly.

The project manager saying "You both will have to give up something to solve this problem" means that both parties involved in the conflict will have to come to an agreement that suits or benefits both parties.

Cheers.

6 0
3 years ago
In 1981, 16 percent of wives earned more than their husbands. what was the percentage as of 2005?
AnnZ [28]
Given that <span>In 1981, 16 percent of wives earned more than their husbands.

It is reported that in 2005, about 26% of wives earned more than their husbands.</span>
7 0
3 years ago
Other questions:
  • Consider the following information from the financial statements for Rock Inc. Last Year This Year Accounts Receivable 23,535 29
    14·1 answer
  • A trait is not a quality of your own character <br> True or False
    14·2 answers
  • A person borrows $200 to be repaid in 8 years with 14% annually compounded interest. The loan may be repaid at the end of any ea
    6·2 answers
  • What is the opportunity cost?
    9·2 answers
  • A large commercial horse farm provides jobs for over 100 employees, who care for over 300 horses of various breeds. the operatio
    13·1 answer
  • To influence performance and satisfaction of subordinates, it is not recommended that the leader reduce frustrating barriers to
    6·1 answer
  • Joe walks into Best Buy prepared to spend no more than $500 cash on a new computer, but the price turns out to be $600. Joe is t
    5·1 answer
  • To force the value of the British pound to depreciate against the dollar, the Federal Reserve should: Group of answer choices se
    14·1 answer
  • The _____________ concept recognizes that organizations thrive from day to day by determining the current needs and wants of tar
    11·1 answer
  • Help will give Brainly points
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!