Sam is paying off his eight-year, $15,360 loan in semiannual installments. The loan has an interest rate of 9.58%, compounded semiannually, and a service charge of $1,294.64. Once the loan has been fully paid off, what percentage of the total finance charge will the service charge be? Round all dollar values to the nearest cent.
a.
5.48%
b.
8.43%
c.
18.55%
d.
15.65%
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Sam is paying off his eight-year, $15,360 loan in semiannual installments. The loan has an interest rate of 9.58%, compounded semiannually, ...” 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
Mark is selling gourmet apples at a price of $3 per pound. currently, he sells 150 pounds of apples per week. this week, mark raises his price to $5 , and his sales of apples fall to 100 lbs. mark's initial revenue from apple sales was $ nothing.
Answers (1)
Use the 2012 segment information provided by BMW and Volkswagen to an - swer the following questions: a. Which company is more multinational? b. Which company is more internationally diversified? c.
Answers (1)
Desiree is reluctant to take a promotion because it involves moving. She knows little about the area she would be living in. According to the text, the most likely reason for such employee resistance to change is: A. uncertainty. B.
Answers (2)
Joseph wants to open up a skateboard shop with his cousin Billy. He would like for them to own and operate the shop equally. What kind of partnership should he form? A. Limited partnership B. General Partnership C. Financial Partnership D.
Answers (2)
The Richards Company purchased a machine for $5,000 down and $300 a month payable at the end of each of the next 36 months. How would the cash price of the machine be calculated, assuming the annual interest rate is given?
Answers (1)
New Questions in Business
A customer makes a small order, you deliver the goods, and he pays by check. The check clears. He makes another small order, you deliver, and he pays by check. The check clears again. The pattern goes on for several weeks.
Answers (1)
Ontario Resources, a natural energy supplier, borrowed $80.8 million cash on November 1, 2021, to fund a geological survey. The loan was made by Quebec Banque under a short-term financing arrangement.
Answers (1)
Where would you go to set up margins on a letter? A. Format Pages B. Page Layout C. View Pages D. Page Preview
Answers (1)
Morgan company does not ring up sales taxes separately on the cash register. total receipts for february amounted to $25,440. if the sales tax rate is 6%, what amount must be remitted to the state for february's sales taxes?
Answers (1)
The Don't Tread on Me Tire Company had retained earnings at December 31, 2015 of $202,000. During 2016, the company had revenues of $402,000 and expenses of $351,000, and the company declared and paid dividends of $11,200.
Answers (1)