Determine the effective monthly and annual interest rate

Reference no: EM13245126

Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following:
(a) The effective monthly interest rate
(b) The nominal annual interest rate
(c) The effective annual interest rate

Reference no: EM13245126

Questions Cloud

Calculate the amount of each semiannual payment : You are taking a $2000 loan. You will pay it back in four equal payments, paid every 6 months starting 3 years from now. The interest rate is 6% compounded semiannually. Calculate: (a) The effective interest rate, based on both semiannual and conti..

Find the magnitude of the magnets magnetic dipole moment : A bar magnet is oriented with its magnetic dipole moment at 39.5° to the direction of a 0.0689-T magnetic field, causing a torque of 0.00351 N·m to act on it

The viet nam war was a pivotal event in modern u.s. history : The Viet Nam War was a pivotal event in modern U.S. history:

Determine the least squares equation : Determine the least squares equation. According to this information, what are the estimated sales for 2008 and 2009?

Determine the effective monthly and annual interest rate : Picabo borrows $1,000. To repay the amount she makes 12 equal monthly payments of $90.30. Determine the following: (a) The effective monthly interest rate (b) The nominal annual interest rate

Find the strength of the magnetic field : Find the strength of the magnetic field that causes a torque of 2.09 × 10-5 N·m to act on the loop when a current of 0.00361 A flows in it

Discussing the novel nathaniel''s nutmeg by giles milton : In class we have been discussing the novel Nathaniel's Nutmeg by Giles Milton yet we do not have the book available and I cannot check it out at any nearby library.

What is the net horizontal force on the airplane : A jet with mass m = 1.3 × 105 kg jet accelerates down the runway for takeoff at 2.4 m/s2, What is the net horizontal force on the airplane

Characteristic of axial age philosophical-religious movement : What does Jaspers consider the important characteristics of “Axial Age” philosophical and religious movements, and what is his explanation of how such similar movements arose within a relatively short period in quite separated parts of the world?

User Account

All Pages