Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. answer within 30 mins please needed urgently iii

Answer within 30 mins please needed urgently III. A manager of a reputed...

50.1K

Verified Solution

Question

Finance

image

Answer within 30 mins please needed urgently

III. A manager of a reputed electronics store, wants to offer credit to his customers. The terms require the interest on outstanding balances paid quarterly (m = 4). However, to continue day to day operations the manager needs funds and therefore, he must borrow funds from bank that is charging a nominal 6%, monthly compounding (m =12). To offset overhead, the manager wants to charge customers an effective rate of interest that is 3% more than the bank is charging the electronics store. Calculate the APR rate the store should charge its customers. (6 marks)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

2 12 p Frost resistance investigations of a kind of apples gave the following values...

Statistics
Q

Question 4: Homogeneous Second Order Differential equation Solve the following equation for the particular solution. i. 2???...

Basic Math
Q

Scores on a certain intelligence test for children between ages 13 and 15 years are approximately...

Basic Math
Q

Question #1.) A fixed volume of gas at constant temperature has a volume of 45.6 L...

Chemistry
Q

A B C 1 Chapter 4: Applying Excel 2 3 Data 4 Beginning work in process inventory: 5    Units in process 200 6    Completion with respect to materials 10 % 7    Completion with...

Accounting
Q

A call center data set shows that in a sample of 40 individuals 11 had...

Basic Math
Q

Dex plans to create a rectangular raised garden bed Soil costs 5 per cubic foot...

Basic Math
Q

Solve 4 |x + 7| = 24.A. x = 13 and x=-1B. x= -13 and...

Basic Math
Q

For q (x) = -4x2+4x-1 / x+2(a) Identify the horizontal asymptotes (if any).(b) If the...

Basic Math
Q

A report about how American college students manage their finances includes data from a survey...

Statistics
Q

Mah Company is long terminado ninguna produced the active Produced Total Colt Mih...

Accounting
Q

STEP 3: Determine the cost per equivalent unit. In order to determine the total cost...

Accounting