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Andre45 [30]
3 years ago
11

your local pawn shop loans money at an annual rate of 24 percent and compounds interest weekly. What is the actual rate being ch

arged on these loans?
Business
1 answer:
Alika [10]3 years ago
6 0

Answer:

27%

Explanation:

The actual rate being charge on these loans is the effective annual rate and the formula to calculate it is:

i=(1+(r/m))^m−1

i= effective annual rate

r= interest rate in decimal form=0.24

m=number of compounding periods per year= 52 (a year has 52 weeks).

i=(1+(0.24/52))^52-1

i=1.27-1

i=0.27

According to this, the answer is that the actual rate being charge on these loans is 27%.

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directors are the trustees of the company's money and property, and also act as agents in the transaction which they enter into on behalf of the company. Directors are liable as trustees for breach of trust, if they misapplied the funds or committed breach of byelaws of the company.

An auditor is an authorised personnel that reviews and verifies the accuracy of financial records and ensures that companies comply with tax norms. They primarily objective is to protect businesses from fraud, highlight any discrepancies in accounting methods, among other things.

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3 years ago
Mallory Furniture buys two products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 1
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Answer:

The answer is D

Explanation:

Solution:

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5 0
3 years ago
What is the total cost of a $95. 00 item with a sales tax of 6%?.
serg [7]

The item has total cost paid after sales tax is $100.7.

The total cost for an item is the selling price that is paid after the addition of tax. The tax is the percent amount paid on the item over the selling price.

<h3>Computation for the total cost of the item</h3>

The cost of the item, <em>c</em> = $95

The percent tax added to the sale is, <em>t</em>=6%

The amount of tax paid is given as:

\text{ Amount}=c\;\times\;\dfrac{t}{100}\\\\ \text {Amount}=95\;\times\;\dfrac{6}{100}\\\\ \text {Amount}=5.7

The amount of tax paid on the item is $5.7.

The total cost of the item is given as:

\rm Total \;cost=\textit c\;+\;tax\\\\Total\;cost=95\;+\;5.7\\\\Total\;cost=100.7

The total cost paid for the item after sales tax is $100.7.

Learn more about tax, here:

brainly.com/question/1362871

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An obstacle course helps your mind to focus on your project or activities and gets your thought process going.

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