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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 xxxx xxx xxx xx xxxx if xxx xxx xxxx xxxxxxxxxx xxxxxx

xxxxxxx

xxxx

file1.doc preview (29 words)

Effective xxxxxxxx xxxx = Interest Amount x xxxxxxxxx * Days xx xxxx (360) xxxxx xxxx xxxxxxxxxxxx

xxxxxxxxxxx x xxxxxxxx

x 12.5%

Rate on xxxxxxxxxxx xxxx =

B) (2 × x × $500)/ (3 × xxxxxxx = xxxxxxxxxxxxxx = xxxxxxx

C) (2 × x × $500)/ xx × xxxxxxx x xxxxxxxxxxxxxx x 20.00%

xxxxx × 12 × xxxxxx xxx × $4,000) = $12,000/$52,000 = 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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xx xxx xxxxxx $4,000 at xxxx interest xxx one year, what xx your xxxxxxxxx interest rate xxx xxx following rate xxx xxx xxxxxxxxx xxxxxxx plans?

xxxxxxxxx rate = (2 x xxxxxx no. xx xxxxxxxx x xxxxxxxxxxxxxxxxxxx x (total xxxxxx xx payments xxx

xx xxxxxx payment x no. xx xxxxxxxxx

effective rate x xx x x x xxxxxxxxx x x = 12.5%

B) xxxxxxxxxx xxxxxxxx =no. of payment=2

xxxxxxxxx rate x xx x x x xxxxxxxxx x 3 x 16.67%

C) Quarterly payments xxxx xx payment=4

effective rate x xx x 4 x 500)/4000 x 5 = xxxxxx xxx

D) Monthly payments=no. xx payment=12

effective xxxx x (2 x xx x 500)/4000 x xx x xxxxxx


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