Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. you take out a 2-year, $5,000 loan at 7% simple an

You take out a 2-year, $5,000 loan at 7% simple annual interest. The lender charges...

70.2K

Verified Solution

Question

Accounting

You take out a 2-year, $5,000 loan at 7% simple annual interest. The lender charges you a $300 fee. Thinking of the fee as additional interest, what is the actual annual interest rate you will pay? Round answer to the nearest 0.001%.

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

According to an​ airline, flights on a certain route are on time 80​% of the time....

Statistics
Q

What does yield/revenue management entail? What types of businesses, besides hotels and airlines, would benefit from...

General Management
Q

Biology 35 P53 A is a kinase B is a cyclin C is phosphatase D...

Biology
Q

Blood type AB is found in only 3 of the population If 290 people are...

Statistics
Q

Consider the following.5x8 + y = 6x(a) Find y' by implicit differentiation.y' =(b) Solve the...

Calculus
Q

In the special case when the variables cancel and leave you with a true statement...

Algebra
Q

Which of these items related to bonds would be added back in the Operating section...

Accounting
Q

In class Practice1. Acme has the following information about its inventory.Units Unit Cost BalanceBeginninginventory- May...

Accounting
Q

determine the free cash flow for the most recent fiscal year. assume that 90% of...

Accounting
Q

Due to erratic sales of its sole product-a high-capacity battery for laptop computers-PEM, Incorporated, has...

Accounting
Q

Greco company tias aromared the followine foncasts of iranthy unic sales Greco wanes the number...

Accounting
Q

14 Callas Corporation paid $380,000 to acquire 40 percent ownership of Thinbill Company on January...

Accounting