What is the effective annual rate on the loan

Assignment Help Business Management

Reference no: EM131368000

Mary Jones recently obtained an equipment loan from a local bank. The loan is for $15,000 with a nominal interest rate of 11 percent.

However, this is an installment loan, so the bank also charges add-on interest. Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?

Reference no: EM131368000

Questions Cloud

What is the effective annual interest rate of the lower cost : Alternatively, Masson could borrow from its bank on a 12 percent discount interest rate basis. What is the effective annual interest rate of the lower cost source?

What about when a ball is dropped from an airplane : Does the formula for falling bodies give accurate or inaccurate results when a feather is dropped? How about when a ball is dropped? What about when a ball is dropped from an airplane?

Calculate the effective annual interest rate : Calculate the effective annual interest rate for each alternative. Which alternative has the lowest effective annual interest rate?

Calculate the optimal operating doctrine under : Calculate the optimal operating doctrine under the assumption that no stockouts are allowed and also that units can be backordered at the cost indicated above.

What is the effective annual rate on the loan : Mary must make monthly payments on the loan, and the loan is to be repaid in 1 year. What is the effective annual rate on the loan (assuming a 365-day year)?

What is the differential diagnosis : PJ is a sixty-seven-year-old man with a long history of stable angina. He is treated with nitroglycerin tablets as needed for chest pain. He has mild hypertension, which is well controlled by diet and an angiotensin-converting enzyme (ACE) inhibit..

General description of the company : Select any company preferably a real one, and try to identify one key business process that is not supported by IT to analyze and suggest some improvement on it.

What is minnerlys interest charge for the first month : The loan is a $25,000 interest-only loan with a nominal rate of 11 percent. Interest is calculated on a simple interest basis with a 365-day year. What is Minnerly's interest charge for the first month?

Write a vhdl description of the system using a rom : Realize the following SM chart using a ROM with a minimum number of inputs, a multiplexer, and a loadable counter (like the 74163). The ROM should generate NST. The multiplexer inputs are selected as shown in the table beside the SM chart.

User Account

All Pages