28875
Explanation:
Rosa borrowed $26400 for remodeling of her kitchen on home equity loan.
Promissory note bearing interest of 12 and 1/2% or 12.5% or 0.125.
Total amount Roma has to pay in the due which means the end of <em>18 months.</em>
- 1st Principal amount is $26400 = P
- 2nd Rate of interest is 12 and 1/5 %. = R
- 3rd Time days/month/week taken to pay the total amount. =T
- P= $26400 , R = 12.5 % and time is 18 months
<u>Adjustments:-</u>
- R = .125 T = 18/24 (calculated on a monthly basis, 1 year has 12 months)
- PRT = Interest on a due date
- I = 26400 * .125 * 0.75 = 2475
- 2475 interest charged for 18 months
- Total amount Roma has to pay in the due date ?
The traditional economies' law of production depends only on
agriculture, fishing, hunting, gathering or some combination of the above
mentioned. They only use barter instead of money. Meanwhile, there are
consequences of the traditional law of production because they are vulnerable
to change in nature especially the weather. For this reason, traditional
economies limit population growth. When the harvest or hunting is poor, people
will definitely get starve. Those societies often consume the natural resources
they will depend on or wage war
Answer:
<em><u> 21.55%</u></em>
Explanation:
- I = Prt
- I = (8000)(.11)(4) = 3520
- Total Cost = <em>Down Payment + Principal Borrowed + Interest
</em>
- Total Cost = 2000 + 8000 + 3520 = 13520
- Monthly Payment = (Principal Borrowed + Total interest) / Total number of payments
- Monthly Payment = (8000 + 3520) / 48
- APR= (2 × n × I) / [P × (N + 1)]
- APR = (2 × 12 × 3520) / [8000 × (48+1)] = <em>21.55%</em>
