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
serious [3.7K]
2 years ago
14

You are looking to buy a car and you have been offered a loan with an APR of 6.5 %​, compounded monthly. a. What is the true mon

thly rate of​ interest? b. What is the​ EAR? g
Business
1 answer:
jekas [21]2 years ago
8 0

Answer: The answer is given below

Explanation:

a. What is the true monthly rate of​ interest?

The monthly rate of interest will be the annual percentage rate of charge given in the question divided by the number of months. This will be:

= APR/12

= 6.5%/12

= 0.065/12

= 0.0054

= 0.54%

b. What is the​ EAR?

The effective annual rate will be calculated using the formula:

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

EAR = (1 + (0.065/ 12)^12) - 1

EAR = [(1 + 0.0054)^12] - 1

EAR = (1.0054)^12 - 1

EAR = 1.06676 - 1

EAR = 0.06676

EAR = 6.68%

You might be interested in
How many americans are victims of identity theft each year? about 10,000. about 100,000. about 1 million. about 10 million. abou
MAXImum [283]
About 10 million <span>americans are victims of identity theft each year</span>
7 0
3 years ago
Brenda is an interior designer. Before buying products for interior furnishing, she gathers information about the products manuf
lesya692 [45]

Answer:

The correct answer is letter "A": searching by brand.

Explanation:

Consumers search by brand when they have decided what product they want to buy but need to compare what one company offers compared to another. This will help consumers differentiate prices, features, and the additional benefits companies offer for selling the same product.

Eventually, the consumer will choose the product that provides him or her with more benefits assuming the decision that an individual will make is rational.

8 0
3 years ago
In the study of internal control, the auditor uses sampling to compare the __________ to the __________.
Arturiano [62]

In the study of internal control, the auditor uses sampling to compare the adjusted estimate of the deviation rate to the tolerable rate of deviation.

How Do Internal Controls Work?

A plan of structure, processes, and records that are concerned with the security of assets and the accuracy of financial records are together referred to as internal controls.

Fundamentals of Internal Control Systems

A firm's unique information requirements should be taken into account when designing an internal control system. As a result, the system might be anything from a straightforward manual system to a sophisticated computerized online system with remote terminals dispersed all over the nation. The accounting system must process data effectively, precisely, and promptly whether it is electronic or manual. An internal control system that has been carefully thought out is at the core of any well-designed accounting system.

Protecting the assets under management's control is one of their main duties.

to know more about  Internal Control Systems

brainly.com/question/26398073

#SPJ4

5 0
1 year ago
The _____ of an organizational life cycle is characterized by growth and the expansion of organizational resources.
Verizon [17]

Answer: The _youth_ of an organizational life cycle is characterized by growth and the expansion of organizational resources.

Explanation:

7 0
2 years ago
Today companies such as Nike, Walmart and Apple are trying to stop certain harmful practices and prevent managers abroad from ad
Leni [432]

Answer:

where is the wuestion

Explanation:

3 0
3 years ago
Other questions:
  • Long before a single vote is cast, candidates are hard at work weighing the costs and benefits of running for office. As a part
    9·1 answer
  • 1. Do you believe E-sports will continue to grow in the future? Why or why not?
    5·2 answers
  • The record of all economic transactions between the residents of a country and the rest of the world is called​ ________.
    8·1 answer
  • Mr. Morgan earns $38,000 a year as a salesperson and a 5% commission on all his sales. He has a mortgage of $910 a
    11·1 answer
  • Consider two cities, City A and City B, which are entirely identical except that Uber operates in City A, but not in City B. Con
    14·1 answer
  • Describe the relationship between an individual consumer's demand and market demand
    7·1 answer
  • Match each type of savings account with its features. members own it interest rate rises and falls with the market minimal overh
    13·2 answers
  • Which of the following lies primarily within the realm of macroeconomics? a study of the demand for gasoline a study of how tax
    14·1 answer
  • Here are the U.S. tax rates and their corresponding tax brackets based on filing status for single individuals (i.e. not corpora
    11·1 answer
  • If a lender agrees to an $80,000 loan at 9% for 15 years with 2 loan discount points, what amount will be charged at closing for
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!