Effective annual interest rate that rick is charging

Assignment Help Financial Accounting
Reference no: EM131292210

1. Rick, the owner of the local pawn shop, loans money at an annual rate of 23 percent with weekly compounding. What is the effective annual interest rate that Rick is charging?

2. Doug saved $1,400 at the end of each year for 35 years. If Doug earned 6 percent interest each year on his savings, how much does he have after 35 years?

Reference no: EM131292210

Questions Cloud

Calculated using straight-line method-mid-month convention : For real property placed in service after 1986, depreciation under the MACRS system is calculated using the straight-line method and a mid-month convention in the year of acquisition and in the year of disposition.
Should the city accept the offer from private corporation : A city operates a computer service department. The department maintains and repairs the computers of all other city departments, billing them for each job performed. Based on the limited data provided, should the city accept the offer from the privat..
How much is partnerships ordinary income : During 2017, the Tastee Partnership reported income before guaranteed payments of $92,000. Stella owns a 90% profits interest and works 1,600 hours per year in the business. Euclid owns a 10% profits interest and performs no services for the partners..
Effective annual interest rate that rick is charging : Rick, the owner of the local pawn shop, loans money at an annual rate of 23 percent with weekly compounding. What is the effective annual interest rate that Rick is charging? Doug saved $1,400 at the end of each year for 35 years. If Doug earned 6 pe..
Effective annual interest rate that rick is charging : Rick, the owner of the local pawn shop, loans money at an annual rate of 23 percent with weekly compounding. What is the effective annual interest rate that Rick is charging? Doug saved $1,400 at the end of each year for 35 years. If Doug earned 6 pe..
How much is partnerships ordinary income : During 2017, the Tastee Partnership reported income before guaranteed payments of $92,000. Stella owns a 90% profits interest and works 1,600 hours per year in the business. Euclid owns a 10% profits interest and performs no services for the partners..
Prepare shedule of budgeted cash receipts : Asper Company has sales on account and cash. Speccially, 70 % of its sales are on account and 30% are for cash. credit sales are collected in full in the month following the sale. the company forescast sales of $525.000 for april, $535.000 for may, a..
?nancial statements on a near-cash basis : Assume that you are a loan of?cer of a bank. A local church is seeking a $4 million, 20-year loan to construct a new classroom building. Church of?cers submit a comprehensive ?nancial report that was audited by a reputable CPA ?rm. The church prepare..
What is the break-even point in unit sales and dollars sales : Awree NatCacnotus Inc, an innovative company located somewhere on the beautiful winding slopes of Pacific Northwest (a great place for hiking), produces and sales a single product, Metadite, an organic cream used for a variety of home first and uses...

Reviews

Write a Review

Financial Accounting Questions & Answers

  Identify one major exclusion and one tax credit

Identify one major exclusion and one tax credit. Find the relevant Internal Revenue Code Section that provides for the exclusion or credit using Thomas or IRS.GOV, copy the first paragraph, including the Code Section, and paste it into your post.

  What is the amount of cash flows

A building with a book value of $ 46,000 is sold for $51,000 cash Using the indirect method, this transaction should be shown on the statement of cash flows as follows.

  Identify the key activities performed

Activity based costing (ABC) often revalues existing costing systems by looking at specific activities that drive costs. Through this identification of the key activities, we define the cost objects as these activities. In order to first achieve ABC ..

  Calculate any four ratios for alvin company

For Alvin Company for 2014, calculate any four ratios. Give ratio name, formula, and calculation, state of ratio, and one sentence of explaining each ratio.

  Is an increase in your bank statement a debit or a credit

Is an increase in your bank statement a debit or a credit? What method would you use to summarize transactions and transfer to the ledger?

  Purpose a lease amortization schedule for the lessor

What kind of lease is this to Lucas? Describe and show how the lease payment was evaluated

  Explain what is meant by the term management by exception

Explain what is meant by the term "management by exception." What is the relationship between the process of standard cost variance analysis and management by exception?

  What is the contribution margin ratio

Rasmussen company sells only one product at a regular price of 30$ per unit. Variable expenses are 75% of sales and fixed expenses are 44000$. Management has decided to decrease the selling price to 25.50$ in hopes of increasing its volume of sales. ..

  What is minimum acceptable selling price for the new product

Nations Corporation has designed a new product, K48, whose variable cost is $57.50 per unit and that requires 3.40 minutes of the constrained resource. The opportunity cost is $40.30 per minute used of the constrained resource. What is the minimum ac..

  Prepare a report advising herman on the cgt consequences

PREPARE A REPORT advising Herman on the CGT consequences arising from the transactions outlined. In report, particular attention should be given to explaining whether a capital gain or a capital loss was realised when the factory is sold?

  Determine the average amount of receivables

XYZ Inc. sells on terms of 2/10, net 30. Total sales for the year are $1,000,000. Consider that 30 percent of the customers take discounts and pay on the 10th day, while the other 70 percent pay, on average, 45 days after their purchases. What is the..

  Journal entry to record the disposal of the equipment

Which of the following would not be part of the journal entry to record the disposal of the equipment

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd