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Problem: A local finance company quotes an interest rate of 18 percent on one-year loans. So, if you borrow $32,000, the interest for the year will be $5,760. Because you must repay a total of $37,760 in one year, the finance company requires you to pay $37,760/12, or $3,146.67, per month over the next 12 months.
Required:
Question 1: What interest rate would legally have to be quoted? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Question 2: What is the effective annual rate? (Do not round intermediate calculations and enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.)
Finance is about Gunns Ltd, a company in dealing with forestry products in Australia. The company has also been listed in Australian Stock Exchange. As many companies producing forestry products, even Gunns Ltd is facing various problems. Due to the ..
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