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
ankoles [38]
3 years ago
14

Nate borrowed $38,672 from bank and his friends to expand his casino business. Nate set up an aim to pay $2,450 at the end of ea

ch week for 16 weeks. Assume each year has 52 weeks. What are the nominal rate per year and the effective interest rate per year?
Business
1 answer:
Mamont248 [21]3 years ago
5 0

Answer:

Hence, the Nominal annual rate is 20.28%.  

Effective annual rate is 22.43%.

Explanation:  

Amount borrowed = $38,672.  

Weekly repayment for 16 weeks = $2,500.  

Loan repayment = (Loan amount x r) / {1-(1+r)-n}  

$2,450 = ($38,672 x r)/{1-(1+r)-16}  

r= 0.39%  

Weekly interest rate = 0.39%  

Nominal annual rate = 0.39 % x  52 weeks = 20.28%  

Effective annual rate = (1 + 0.0039^{52} ) - 1 = 0.2243 = 22.43%

You might be interested in
How do i become self employed?
Georgia [21]

Answer:

you can start a small business and work your way up or if you are previously wealthy you can buy a business and continue running it

Explanation:

because neither of these jobs require being hired then they are considered a self employing buisness

6 0
2 years ago
Read 2 more answers
In a competitive market, the quantity of a product produced and the price of the product are determined by:
almond37 [142]

Answer:

All buyers and sellers

Explanation:

A competitive market is a market where there are lots of producers who produces goods and service hence compete with one another with a view to providing and supplying goods and services that suits the needs of consumers.

In a competitive market, there are no barriers to entry and exit. Also, there are many buyers and sellers, hence there is adequate information about the price of a product. There are also no cost attached to transactions, undifferentiated products and both buyers and sellers determines the quantity of a product produced and the price of the product.

4 0
3 years ago
Marking brainliest :) and 100 points!! When can a student begin practicing skills related to business information management?
bagirrra123 [75]
C. Because u need to have to take CTE classes in business management and administration.
5 0
2 years ago
Read 2 more answers
Why is a higher interest rate important when saving money
QveST [7]
The answer I think is D or A
4 0
3 years ago
Read 2 more answers
Juanita is deciding whether to buy a dress that she wants, as well as where to buy it. Three stores carry the same dress, but it
vitfil [10]

Answer:

Juanita will minimize the cost of the dress if she buys it from the Local Department Store

Explanation:

Every 15 minutes cost $14 for Juanita according with the information you should calculate every moved from the work to the shop and multiply by 2 because Juanita spend the same time in every journey.

Every journey and the price of the dress shlud be calculated with the next formula:

= (time by journey * 2*$14) + (the equivalent of 30 minutes shooping)+ dress price

= Local Department Store= (15*2*$14)+($28)+ $100 =$156

=Accross Twon = (30*2*$14)+($28)+ $86 =$ 158

=Neighboring City =  (60*2*$14) +($28) +$63 =$199

4 0
3 years ago
Other questions:
  • The gaol of a country with a healthy economy is to have _____ equal to zero
    7·1 answer
  • According to the text, one of the biggest advantages of the participative approach to decision-making is the ______.
    14·1 answer
  • A cash dividend payment to shareholders during the year should be reported on the statement of cash flows as:Multiple ChoiceAn i
    15·2 answers
  • A client is losing motivation to exercise, so his trainer recommends spending 15 min before his next session thinking about the
    11·1 answer
  • When a firm allows another enterprise to produce its products under license, the licensee bears the costs or risks. True or Fals
    7·1 answer
  • What is MLS <br><br><br>:) :) :) :)​
    6·1 answer
  • According to the Florida bureau of economic research, the mean rent price for condo in Florida is $ 700, We want to test this hy
    10·1 answer
  • What was the most important benefit of the UNDP-IKEA program for the women who were part of it
    15·1 answer
  • 1.4 The common techniques for estimating include: (2)
    12·1 answer
  • MB has been using proper workflow for her sales process by creating invoices, receiving payments, and recording deposits using t
    14·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!