Question

You are considering the purchase of new living room furniture that costs $1,460. The store will...

You are considering the purchase of new living room furniture that costs $1,460. The store will allow you to make weekly payments of $31.28 for one year to pay off the loan. What is the EAR of this arrangment?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
you are considering the purchase of the living room furniture that cost $1100 the store will...
you are considering the purchase of the living room furniture that cost $1100 the store will allow you to make weekly payments of $24.15 for one year to pay off the loan what is the EAR of this arrangement
Furniture to Go is offering new customers an opportunity to defer their furniture purchase payments for...
Furniture to Go is offering new customers an opportunity to defer their furniture purchase payments for 3 months before their first payment is due. You purchased furniture costing $8,000 and want to take advantage of the 3 months’ deferral before making your first payment. You agree to pay the loan in monthly payments over a 3-year period after the deferral period. If the interest rate is 12% per year and interest accrue monthly during the 3 months’ deferral period. Draw...
Suppose you want to buy a new set of furniture at a store, which offers you...
Suppose you want to buy a new set of furniture at a store, which offers you a monthly installment plan but requires that you make the first payment on the day you make the purchase. The entire furniture set costs $9,200. The loan period is for 5 years, and the interest rate is 19.99% compounded monthly. What are the monthly payments?
You work for a furniture store. You normally sell a living room set for $4,000 and...
You work for a furniture store. You normally sell a living room set for $4,000 and finance the full purchase price for 24 monthly payments at 24% APR. You are planning to run a zero-interest financing sale during which you will finance the set over 24 months at 0% interest. How much do you need to charge for the bedroom set during the sale in order to earn your usual combined return on the sale and the financing?
You work for a furniture store. You normally sell a living room set for OMR 4,000...
You work for a furniture store. You normally sell a living room set for OMR 4,000 and finance the full purchase price for 24 monthly payments at 24% APR compounded monthly. You are planning to run a zero-interest financing sale during which you will finance the set over 24 months at 0% interest. How much do you need to charge for the bedroom set during the sale in order to earn your usual combined return on the sale and the...
You wish to buy a $10,500 dining room set. The furniture store offers you a 2-year...
You wish to buy a $10,500 dining room set. The furniture store offers you a 2-year loan with an APR of 10.8 percent. What are the monthly payments? (Do not round intermediate calculations and round your final answer to 2 decimal places.) How would the payment differ if you paid interest only?
You are considering buying a new car for $37,000. If you purchase the car you will...
You are considering buying a new car for $37,000. If you purchase the car you will pay $7,000 of the purchase price as a down payment. Below are the two options to choose from. Option 1: Pay off the amount borrowed to purchase the car with a 5 year loan, and the annual percentage rate (APR) will be 0%. Option 2: Receive a $2,000 instant rebate. This will lower your loan amount. Pay off the amount borrowed to purchase the...
You've just bought a new​ flat-screen TV for $3,000 and the store you bought it from...
You've just bought a new​ flat-screen TV for $3,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 12 percent compounded monthly. If you take the financing and make monthly payments of $100​, how long will it take to pay off the​ loan? How much will you pay in interest over the life of the​ loan? a. The number of years it will take to pay off the loan...
You've just bought a new​ flat-screen TV for 4,000 and the store you bought it from...
You've just bought a new​ flat-screen TV for 4,000 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 14 percent compounded monthly. If you take the financing and make monthly payments of ​$120, how long will it take to pay off the​ loan? How much will you pay in interest over the life of the​ loan?
You've just bought a new​ flat-screen TV for ​$2,800 and the store you bought it from...
You've just bought a new​ flat-screen TV for ​$2,800 and the store you bought it from offers to let you finance the entire purchase at an annual rate of 12 percent compounded monthly. If you take the financing and make monthly payments of ​$90​, how long will it take to pay off the​ loan? How much will you pay in interest over the life of the​ loan?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT