QuickHelper

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About QuickHelper

Levels Tought:
Elementary,High School,College,University,PHD

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Accounting,Applied Sciences See all
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Teaching Since: May 2017
Last Sign in: 352 Weeks Ago, 4 Days Ago
Questions Answered: 20103
Tutorials Posted: 20155

Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Math Posted 13 Sep 2017 My Price 15.00

solving for effective Rate

Tina Mier must pay a $2,000 furniture bill. A finance company will loan Tina $2,000 for 8 months at a 9% discount rate. The finance company told Tina that if she wants to receive exactly $2,000, she must borrow more than $2,000. The finance company gave Tina the following formula:

 

What to ask for  = Amount of cash to be received
1 − (Discount rate × Time of loan)

 

a.

Calculate Tina’s loan request. (Do not round intermediate calculations. Round your final answer to the nearest cent.)

 

 Loan request $ 

 

b.

Calculate the effective rate of interest. (Do not round intermediate calculations. Round your final answer to the nearest hundredth percent.)

 

 Effective rate of interest  % 

Answers

QuickHelper
(10)
Status NEW Posted 13 Sep 2017 06:09 AM My Price 15.00

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