Ask Question
BusinessBusiness
4 October, 21:23

Sporting goods charges. 85 percent interest per month. what rate of interest are its credit customers actually paying?

+2
Answers (1)
  1. 4 October, 21:44
    0
    To answer this item, we assume that the interest rate is simple, such that the yearly rate was only divided by 12 months in order to determine the rate per month. Hence, to answer this item, we simply have to multiply the given percent by 12.

    rate of interest/year = (12) (0.85%) = 10.2%

    Therefore, the answer is 10.2%.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sporting goods charges. 85 percent interest per month. what rate of interest are its credit customers actually paying? ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
How many chart types does excel offer? a. 5 b. 15 c. 30 d. 50?
Answers (1)
Atlantis Inc. is in need for funds for its expansion plan. It approaches Uni Bank with its business plan for financial assistance. What is this source of funding known as? A. preference shares B. equity shares C. quasi-external source D.
Answers (1)
The multiplier (expenditure multiplier) is the ratio between which two measures? A. marginal propensity to consume AND the size of an autonomous change in nominal GDP. B. marginal propensity to save AND marginal propensity to consume. C.
Answers (1)
ACB Manufacturing purchased $6,000 of merchandise inventory from a vendor on account with credit terms of 2/10 or n/30. Because some of the merchandise was damaged, ACB Manufacturing returned $1,000 of the merchandise two days later.
Answers (1)
True or False: When a country is too small to affect the world price, allowing free trade will have a non-negative effect on total surplus in that country, regardless of whether it imports or exports as a result of international trade. True False
Answers (1)
New Questions in Business
What are the order of in which management can take legal action against a employee
Answers (1)
What best describes an entrepreneur? a. Someone who initiates and assumes the financial risk of a new business enterprise. b. A person who knows how to evaluate which stocks to purchase. c. Someone who can expertly manage other people's investments.
Answers (1)
JRN Enterprises just announced that it plans to cut its dividend from $3.50 to $2.50 per share and use the extra funds to expand its operations.
Answers (1)
Sykora, Inc., which uses a predetermined overhead rate based on direct labor hours, estimated total overhead for the year to be $12,000,000 and total direct labor hours to be 320,000 hours. Calculate Sykora's predetermined overhead rate.
Answers (1)
Appalachian mountain goods has paid increasing dividends of $.10, $.12, $.15, and $.20 a share over the past four years, respectively.
Answers (1)
Home » Business » Sporting goods charges. 85 percent interest per month. what rate of interest are its credit customers actually paying?
Sign Up Forgot Password?