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3 years ago

A bank loans money at an annual rate of 20 percent. Interest is compounded daily. What is the actual rate the bank is charging?

Business

1 answer:

NeX [460]3 years ago

8 0

Answer:

22.13%

Explanation:

The effective annual rate formula below can be used to determine the actual rate charged by the bank as follows:

Effective annual rate=(1+APR/n)^n-1

APR=20%

n=number of times interest is computed yearly=365

Effective annual rate=(1+20%/365)^365-1

Effective annual rate=1.221335858 -1

Effective annual rate=22.13%

The actual rate of interest on bank loan is 22.13%

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Rida, Inc., a manufacturer in a seasonal industry, is preparing its direct materials budget for the second quarter. It plans pro

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Answer:

Purchases (in pounds)= 92,550

Total cost= $16,936,650

Explanation:

Giving the following information:

Budgeted production:

2nd quarter= 248,000 units

3rd quarter= 60,500 units

Beginning inventory= 74,400 pounds

Each unit requires 0.60 pounds of raw material

Buying price= $183 per pound.

Desired ending inventory= 50% of next quarter’s budgeted materials.

To calculate the budgeted purchase of raw materials, we need to use the following formula:

Purchases= sales + desired ending inventory - beginning inventory

Purchases (in pounds)= (248,000*0.6) + (60,500*0.6)*0.5 - 74,400

Purchases (in pounds)= 148,800 + 18,150 - 74,400

Purchases (in pounds)= 92,550

Total cost= 92,550*183= $16,936,650

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3 years ago

Green Earth, an environmental organization in Oklahoma, recently recruited Phyllis Galvan as a project coordinator. Galvan's man

kotegsom [21]

Answer:

E) emotional contagion

Explanation:

Based on the scenario being described within the question it can be said that this example is demonstrating the concept known as emotional contagion. This concept refers to the process in which the emotions being experienced by an individual are caused by the emotions felt by others. Which is exactly what is happening in this scenario since Galvan's positive emotions are causing her colleagues to started behaving more positively as well.

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3 years ago

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Customer Information Programs (CIPs) use several examples to define a person opening a new account. In which scenario should the

xz_007 [3.2K]

Answer:

Option (D) is the right answer.

Explanation:

According to the scenario, the most appropriate answer is option ( D) because Stanley smith is a customer of the bank as he has a checking account in the bank.

While the other options are wrong because of the following reasons:

Option (A) is incorrect because the company lucky licks Inc. is the customer of the bank, not any person.

Option (B) is incorrect because Cara is not the customer of the bank as she only uses the bank's ATM.

Option (C) is incorrect because Herman is not the customer of the bank as he only cashes his checks in the bank.

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3 years ago

What are the three major responsibilities of the federal reserve?

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The federal reserve influences U.S. monetary policy by influencing money and credit in the pursuit of full employment and stable prices. The Fed (Federal Reserve) also supervises the activities of banks and financial institutions to protect the safety of the financial industry. The Fed also provides financial services to the U.S. Government and generally oversees the nations payment system. And overall the Fed seeks to sustain and maintain the financial system by preventing and protecting against risk.

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3 years ago

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Amanda invested a total of $3 comma 100 into three separate accounts that pay 4 %, 6 % and 7 % annual interest. Amanda has thr

ludmilkaskok [199]

Answer:

the amount invested at 4% interest is $5,00

the amount invested at 6% interest is $1,100

the amount invested at 7% interest is $1,500

Explanation:

Data provided in the question:

Total amount invested = $3,100

Interest rates : 4%, 6 % and 7 %

Total interest = $191

Now,

Let the amount invested at 4% interest be 'x'

the amount invested at 6% interest be 'y'

the amount invested at 7% interest be 'z'

Therefore,

According to the question:

x + y + z = $3,100 ...........(1)

z = 3x ...............(2)

0.04x + 0.06y + 0.07z = $191 ...........(3)

From (1) and (2), we have

x + y + 3x = $3,100

4x + y = $3,100

y = $3,100 - 4x ,..........(4)

from 2, 3 and 4, we have

0.04x + 0.06( $3,100 - 4x ) + 0.07(3x) = $191

⇒ 0.04x + 186 - 0.24x + 0.21x = $191

⇒ 0.01x + 186 = $191

⇒ 0.01x = 5

x = $500

thus,

from (2)

z = 3 × 500

z = $1,500

From (4)

y = $3,100 - 4(500)

y = $1,100

Hence,

Amanda invested

the amount invested at 4% interest is $5,00

the amount invested at 6% interest is $1,100

the amount invested at 7% interest is $1,500

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3 years ago