All categories

2 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]2 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%

You might be interested in

During its first year of operations, the McCormick Company incurred the following manufacturing costs:_______. Direct materials,

notka56 [123]

Answer:

Net income= $432,000

Explanation:

Giving the following information:

Fixed overhead, $224,000.

The company produced 28,000 units, and sold 19,000 units, leaving 9,000 units in inventory at year-end.

Income calculated under variable costing is determined to be $360,000.

The difference between absorption costing and variable costing method is that the first one includes the fixed manufacturing cost in the unitary production cost. <u>Some of the fixed overhead is allocated into ending inventory increasing the net income for the period.</u>

Unitary fixed overhead= 224,000/28,000= $8

Fixed overhead in ending inventory= 8*9,000= $72,000

Net income= 360,000 + 72,000= $432,000

6 0

2 years ago

Mr kleaners acquired new industrial washing mavhine,the list price price of which was 52000.the supplier allowedva tade discount

Cloud [144]

Answer:

I think its $48,950.

Explanation:

you subtract 4,000 from 52,000 which is 52,000 - 4,000 = 48,000.

then you will add that extra $950 getting you a total of $48,950.

if I'm wrong I'm sorry I'm not that good at math.

7 0

3 years ago

MC Qu. 84 Two investment centers... Two investment centers at Marshman Corporation have the following current-year income and as

dusya [7]

Answer:

The correct answer is 11.28%

Explanation:

Solution

Recall that:

Investment center A Investment center B

Investment center income $ 530,000 $ 640,000

Investment center average

invested assets $ 4,700,000 $ 3,100,000

Now,

We calculate for return on investment (ROI) for Investment Center A

The ROI A=Investment center income/Average invested assets which is

= (530000/4,700,000)

=11.28%

8 0

3 years ago

Matthew Granger is a member of the board of directors at Produxicore Inc. Over a period of one year, Matthew failed to attend mo

FrozenT [24]

Answer: Negligence of duties

Explanation:

As a board member it's one of his primary duty to keep abreast of the firm performance. Not been aware for a year on the excuse of not been informed and not seeking to find out personally shows a negligence of duties.

7 0

3 years ago

Pega if report is created in myco-hr-selfservice-work, what instances will the report return?

Yakvenalex [24]

Since a subclass can inherit the variables or methods of the superclass, the instances which the report will return is: B. MyCo-HR-SelfService-Work-TimeOff and MyCo-HR-SelfService-Work-Expense.

<h3>What is a class?</h3>

A class can be defined as a user-defined blueprint (prototype) or template that is typically used by software programmers to create objects and define the data types, categories, and methods that should be associated with these objects.

In object-oriented programming (OOP) language, an object class represents the superclass of every other classes when using a programming language such as Java. Also, the superclass is more or less like a general class in an inheritance hierarchy.

Since a subclass can inherit the variables or methods of the superclass, the instances which the report will return is "MyCo-HR-SelfService-Work-TimeOff and MyCo-HR-SelfService-Work-Expense" because they are declared within the class group.

Read more on object class here: brainly.com/question/27999316

#SPJ1

Complete Question:

Consider the following Work-derived classes that belong to the same class group:

MyCo-HR-SelfService-Work

MyCo-HR-SelfService-Work-TimeOff

MyCo-HR-SelfService-Work-Expense

There are no instances of MyCo-HR-SelfService-Work.

If a report is created in MyCo-HR-SelfService-Work, what instances will the report return?

Group of answer choices.

A. MyCo-HR-SelfService-Work-TimeOff and MyCo-HR-SelfService-Work-Expense, only if the "Report on Descendant Class Instances" checkbox is selected

B. MyCo-HR-SelfService-Work-TimeOff and MyCo-HR-SelfService-Work-Expense

C. No records

D. Instances of all Work- derived classes

5 0

1 year ago