Maurice Tutor

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    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Jul 2017 My Price 2.00

jewelry store manager


5-28 (Nominal interest rate and extending credit) As a jewelry store manager, you want to offer credit with interest on outstanding balances paid monthly. To carry receivables, you must borrow funds from your bank account at a nominal 6% monthly compounding. To offset your overhead, you want to charge your customers an EAR (or EFF%) that is 2% more than the bank is charging you. What APR rate should you charge your customers?

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Maurice Tutor
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Status NEW Posted 26 Jul 2017 11:07 AM My Price 2.00

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