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
aleksandrvk [35]
3 years ago
7

Elliott Credit Corp. wants to earn an effective annual return on its consumer loans of 11 percent per year. The bank uses daily

compounding on its loans. What interest rate is the bank required by law to report to potential borrowers?
Business
1 answer:
LenaWriter [7]3 years ago
6 0

Answer:

10.29 %

Explanation:

The interest rate that is required by the bank by the law to report to potential borrowers can be calculated by the following expression.

Interest rate to be reported = [(1+EAR)^{1/n}-1]*n

where

EAR = effective annual return rate = 11% = 0.11

n = number of days in a year = 365 days

replacing our values into the above equation; we have:

⇒ [(1+0.11)^{1/365}-1]*365

= [1.11^{(0.0027)}-1]*365

= [1.00028182-1]*365

= 2.81811743*10^{-4}

= 0.1029

= 10.29 %

Thus, the interest rate  the bank is required by law to report to potential borrowers = 10.29%

You might be interested in
Which resource management activity establishes common definitions for capabilities of personnel, equipment, teams, supplies, and
inn [45]

Answer:

The correct answer is d) Identifying and Typing Resources

Explanation:

Resource management preparedness involves four key activities: inventorying resources; Qualifying, certifying, and credentialing personnel; Identifying and typing resources; Planning for resources and Acquiring, storing.

Identifying and typing resources requires collaboration and coordination across organizations to manage resources including personnel, equipment, teams, supplies and facilities.

7 0
3 years ago
All of the following are steps to help you be a good problem solver except:
andriy [413]
I would say that all of the following are steps to help you be a good problem solver except B and C. You need to define the problem and then set about creating solutions. For example, if it is becoming too expensive to haul ore out of an open pit because it its too deep so the haulage costs are prohibitive, then a  potential solution involves decreasing haulage costs by shortening the haul which can be resolved by extending in pit conveyors and crusher down close to the ore deep within the pit.
4 0
3 years ago
Read 2 more answers
Mention any 4 criteria that a human resource manager should consider about job applicants.
enyata [817]

The correct answer to this open question is the following.

Although there are no options attached, we can comment on the following.

The criteria that a human resource manager should consider about job applicants are the following.

1.- Technical expertise in their fields.

Candidates must show they have the experience for the position they are applying for.

2.- Accountability.

Managers should prove that candidates are responsible people and own the consequences of their decisions and actions.

3.- Commitment.

Managers have to realize that candidates are willing and able to show appreciation and commitment to the company. Their work must be a priority and should be dedicated to it.

4.- Communication.

Employees should show their communications abilities and capacity to accept criticism.

6 0
3 years ago
Which document must the borrower receive at least three days before the signing appointment?
sergiy2304 [10]

The document  the borrower must receive at least three days before the signing appointment is: Closing Disclosure.

Closing disclosure is a loan document that contains all the information about the what loan entails.

This closing disclosure tend to contain the following:

  • The loan terms
  • Transaction details
  • Closing information
  • Projected payments
  • Closing costs
  • Summary of loan transaction etc

Closing disclosure document must be received by the borrower at least three days before the borrower sign the appointment so as to give  the borrower time to go through the document or to review the documents and have good understanding of  the loan terms and condition before signed the appointment.

Inconclusion the document  the borrower must receive at least three days before the signing appointment is: Closing Disclosure.

Learn more about closing disclosure here:brainly.com/question/4375643

5 0
2 years ago
Alpha associates was organized on january 1, year 1. Alpha was organized as a corporation. Alpha reported $200,000 of before tax
liq [111]

Explanation:

GIVEN DATA:

Alpha reported =  $200,000

withdrew = $30,000

corporate income tax rate = 30%

personal income tax rate = 15%

SOLUTION:

we get here total amount of tax collect as

total amount of tax collect = Alpha reported amount × personal income tax rate  ...............1

put here value

total amount of tax collect = $200,000 × 15%

total amount of tax collect = $30,000

here no corporate  tax required  and partner is taxed on share of total partnership income regardless of amount withdrawn

so the correct answer is $30,000

3 0
2 years ago
Other questions:
  • The Engine Division provides diesel engines for the Motor Home Division of a company. The standard unit costs for Engine Divisio
    13·1 answer
  • Prepare various types of budgets
    9·1 answer
  • The _____ adds up the money earned by producers plus taxes paid to the government.
    6·1 answer
  • Ben bought a desk for $249.99. the sales tax rate was 6.25%. how much did ben pay for the desk? round your answer to the nearest
    5·1 answer
  • George Hansen is General Manager for the Marigold Inn in Augusta, Georgia. Sharon Coombs is Restaurant and Food Services manager
    6·1 answer
  • Making selection decisions by subjectively combining sources of information according to the general impression of the hiring sp
    6·1 answer
  • If total assets decreased by $49,928 during a period of time and stockholders' equity increased by $26,024 during the same perio
    11·1 answer
  • Suggest and critically discuss a model that helps managers to decide to adopt an offensive or defensive route. Support your answ
    6·1 answer
  • When companies study the possibility of moving to the Cloud, they often perceive that security is a roadblock to making things h
    10·1 answer
  • With ______, an organization can parcel out the entire complex work effort to be performed by specialists, which results in grea
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!