1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
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%.

You might be interested in
What do you think are the reasons for business failure? Explain your answer.
Travka [436]

Answer:

The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.

7 0
3 years ago
Peroni Corporation sold a parcel of land valued at $300,000. Its basis in the land was $250,000. For the land, Peroni received $
Reptile [31]

Answer:

Correct option is C.

<u>$25,000, $25,000.</u>

Explanation:

Gross profit on sale = (300,000-250,000)/300,000 = 16.67%

Gain recognized in:

Year 1 = 150,000 * 16.67% = 25,000

Year 2 = 150,000 * 16.67% = 25,000

3 0
3 years ago
Protecting intellectual property rights can result in new inventions that help the economy to grow. True False
Nostrana [21]
True hope this answers this question
7 0
3 years ago
Read 2 more answers
According to the demand-pull theory, inflation is caused by:
Aliun [14]

Answer:

Understanding Demand-Pull Inflation

Demand-pull inflation is a tenet of Keynesian economics that describes the effects of an imbalance in aggregate supply and demand. When the aggregate demand in an economy strongly outweighs the aggregate supply, prices go up. This is the most common cause of inflation.

Explanation:

hope it helps you

6 0
3 years ago
A wealth gap is an economic difference between
horrorfan [7]

Answer:

B. Economic classes

Explanation: its correct on eadg

7 0
3 years ago
Read 2 more answers
Other questions:
  • Labor traffickers are most likely to take advantage of employees in which of the following professions?
    14·1 answer
  • Economic regulation occurs when
    15·1 answer
  • ____Can speed up the alcohol absorption
    13·1 answer
  • The market share held by the "Other" category (which includes dark pools) constitutes roughly ______% of trading volume in NYSE-
    11·1 answer
  • Does a shortage of houses lead to increase in demand? or decrease?
    5·2 answers
  • The Delta Manufacturing Company has a marginal tax rate of 21 %. The last dividend paid by Delta was $2.60. The expected long-ru
    7·1 answer
  • Columbia Corporation produces a single product. The company's variable costing income statement for November appears below: Colu
    6·1 answer
  • Sabrina decided to start selling lemonade on her street. The other kids in the neighborhood noticed that Sabrina was making a lo
    10·1 answer
  • Why do you think it's better to invest in a variety of stocks, rather than in just one?
    11·2 answers
  • A company's interest expense is $20,000. Its income before interest expense and income taxes is $140,000. Its net income is $58,
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!