Solution-What is the approximate effective annual interest

What is the approximate effective annual interest rate

Assignment Help Cost Accounting

Reference no: EM13548720

You are considering buying a $50,000 car. The dealer has offered you a 13.6 percent loan with 30 equal monthly payments. On questioning him, you find that the interest charge of $17,000 (or .136*$50000*2.5 years) is added to the $50000 for a total amount of 67000. The payments are $2233.33 a month. What is the approximate effective annual interest rate?

Reference no: EM13548720

Questions Cloud

Prepare an analysis showing the total cost saving : If the offer is accepted, Manson will save all variable costs but no fixed costs. Prepare an analysis showing the total cost saving, if any, Manson will realize by buying the part.

Displacement velocity acceleration total energy : Which of the following quantities vary as a sine function or a cosine function of time for a particle that is executing simple harmonic motion? Displacement Velocity Acceleration Total energy

Estimate the speed of the bullet at impact with the block : A 11.0 g bullet is fired horizontally into a 109 g wooden block that is initially at rest on a frictionless horizontal surface and connected to a spring having spring constant 146 N/m. what was the speed of the bullet at impact with the block

Body was able to use the chemical energy in gasoline : Suppose your body was able to use the chemical energy in gasoline. How far could you pedal a bicycle at 15 km/hr on the energy in 2.0 gal of gas? ( 1 gal of gas has a mass of 3.2 kg )

What is the approximate effective annual interest rate : find that the interest charge of $17,000 (or .136*$50000*2.5 years) is added to the $50000 for a total amount of 67000. The payments are $2233.33 a month. What is the approximate effective annual interest rate?

Explain what is the vapor pressure of ethanol at 14 c : Ethanol has a heat of vaporization of 38.56 kj/mol and a normal boiling point of 78.4 C. What is the vapor pressure of ethanol at 14 C

What is the fundamental frequency of the string : Waves of amplitude 2.4 cm move along a 2-m string that has a mass of 5 g and a tension of 160 N. What is the power transmitted along the string when it vibrates in its fundamental mode? What is the fundamental frequency of the string?

Estimate the maximum altitude reached by the rocket : A rocket is launched at an angle of 52.0° above the horizontal with an initial speed of 96 m/s. Find the maximum altitude reached by the rocket

What is the amount of cash required for the payment : What is the amount of cash required for the payment and what account is debited by Hoffman Company to record the return?

User Account

All Pages

What is the approximate effective annual interest rate

Reference no: EM13548720

Reference no: EM13548720

Questions Cloud

Reviews

Write a Review

Cost Accounting Questions & Answers

Cost accounting assignment

Prepare the journal entries

Advise as to the liability of all the parties

Prepare revenues budget

Effect of exchange rate changes on cash and cash

Corporate governance

Cost-benefit analysis

Non-annual interest rates and annuities

Job costing in service organizations

Accounting for bad debt expense

Accounting and partnership problems

Development of relevant cash flows

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT