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%
Answer:
one-to-one Unary
Explanation:
It is one-to-one binary relationship because one student is grouped with one student only. Unary because they have the same relationship in the university and share the same class and learning procedures.
In binary relationships there are various entities for example in this situation if the university or colleges were different then it would have been binary .
In the given question only one student is teamed up with one student therefore it is one to one not one to many.
Answer:
2.a. new account and loans, 3. b. make a deposit
Answer:
$1,916.2
Explanation:
A fix Payment for a specified period of time is called annuity. The discounting of these payment on a specified rate is known as present value of annuity. In this question the payment of $95 per month for 24 months at APR of 16% is an annuity.
Formula for Present value of annuity is as follow
PV of annuity = P x [ ( 1- ( 1+ r )^-n ) / r ]
Where P = Annual payment = $95
First, Calculate the effective rate
EAR = ( 1 + 16%/12 )^12 - 1 = 17.2%
r = rate of return = 17.2% annual = 17.2% / 12 = 1.44% per month
n = number of years = 24 months
Placing value in the Formula
PV of annuity = $95 x [ ( 1- ( 1+ 1.44% )^-24 ) / 1.44% ]
PV of Annuity = $1,916.2
