Answer:
The effective annual rate of interest is "10.38%".
Explanation:
The given values are:
Nominal annual interest rate,
Q = 10%
i.e.,
= 0.10
Quarterly compounding,
q = 4
Now,
The effective annual rate of interest will be:
= ![[{1 + (\frac{Q}{q} )}^q] - 1](https://tex.z-dn.net/?f=%5B%7B1%20%2B%20%28%5Cfrac%7BQ%7D%7Bq%7D%20%29%7D%5Eq%5D%20-%201)
On substituting the given values in the above formula, we get
= ![[{1 + (\frac{0.10}{4} )}^4] 1](https://tex.z-dn.net/?f=%5B%7B1%20%2B%20%28%5Cfrac%7B0.10%7D%7B4%7D%20%29%7D%5E4%5D%20%201)
= ![[(1 + 0.025)^4] - 1](https://tex.z-dn.net/?f=%5B%281%20%2B%200.025%29%5E4%5D%20-%201)
= 
= 
= 
On converting it into percentage, we get
= 
%
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Solution:
The home sells for = $120000
The commission that is paid by the seller is 3 percent
Therefore, commission = 3% of $120000 = $3600
The sales-person is on a 65 percent commission schedule with her broker which means that the saleperson gets the 65 percent amount of the commission.
Thus, the amount which is received by the salesperson from the given transaction is = 65% of $3600 = $2340
Therefore, the salesperson receives $2340 amount from the said transaction.
Answer:
Explanation:
incorrect answer
a credit balance of $7500
correct answer
a debit balance of $7500.
