Multiple Choice
Lansky Finance Company was charging 1.87% per month on overdue accounts but negative publicity and public pressure made them decide to reduce the rate. What monthly finance charge would result in an annual effective rate of 19.99%?
A) 1.80%
B) 1.67%
C) 1.53%
D) 1.42%
E) 1.37%
Correct Answer:
Verified
Correct Answer:
Verified
Q235: Determine the annual effective rate of a
Q236: A demand loan for $8,000 with interest
Q237: 9.1% compounded annually is a better investment
Q238: Calculate nominal rate of interest (to the
Q239: Calculate the missing interest rate (to the
Q241: Vitaly's shares of Dominion Petroleum have dropped
Q242: An investment of $7,500 at 8% compounded
Q243: Twenty years ago the population of a
Q244: What is the monthly compounded nominal rate
Q245: Calculate the term of the loan or