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Submitted by edgeman117 on Fri, 2012-01-27 11:46
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Problem 18- If you borrow $4,000 at $500 interest for one year, what is your effective interest rate for the following rate for the following payment plans? A) Annual payment B) Semiannual payments C) Quarterly payments D) Monthly payments

Any help you can give would be appreciated

Answer
Submitted by Asma on Fri, 2012-01-27 12:13
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Effective interest rate

body preview (16 words)

Please find xxxxxxxx file xxx xxx me know xx you xxx xxxx confusion. xxxxxx

xxxxxxx
xxxx

file1.doc preview (46 words)

xxxxxxxxx xxxxxxxx rate = Interest xxxxxx / xxxxxxxxx * xxxx xx xxxx (360) xxxxx loan xxxxxxxxxxxx

xxxxxxxxxxx x xxxxxxxx

x xxxxxx

Rate xx xxxxxxxxxxx loan =

B) (2 × x × $500)/ (3 × $4,000) x $2,000/$12,000 = xxxxxxx

xxxxx × 4 × xxxxxx (5 × $4,000) = $4,000/$20,000 = xxxxxxx

xxxxx × xx × xxxxxx xxx × xxxxxxx x xxxxxxxxxxxxxxx = xxxxxxx

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Answer
Submitted by shahimermaid on Sun, 2012-04-29 21:34
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the answer is

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If you xxxxxx xxxxxx xx xxxx xxxxxxxx xxx one xxxxx what is your xxxxxxxxx interest xxxx xxx xxx xxxxxxxxx rate xxx xxx xxxxxxxxx payment xxxxxx

effective xxxx = xx x xxxxxx no. xx xxxxxxxx x xxxxxxxxxxxxxxxxxxx x (total number xx payments xxx

xx xxxxxx payment = xxx of xxxxxxxxx

effective xxxx = (2 x 1 x xxxxxxxxx x 2 = xxxxx

B) Semiannual payments xxxx xx payment=2

effective rate = xx x 2 x 500)/4000 x x x 16.67%

xx Quarterly xxxxxxxx xxxx xx xxxxxxxxx

effective xxxx = (2 x x x 500)/4000 x x x 12.5%= xxx

D) Monthly xxxxxxxxxxxx xx payment=12

effective xxxx x xx x 12 x 500)/4000 x 13 = xxxxxx


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