Ask Question
BusinessBusiness
20 August, 14:20

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

+3
Answers (1)
  1. 20 August, 14:58
    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 you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Why are all three factors of the Fraud Triangle important, as it relates to the act of fraud? The absence of one or more factors suggests that ...
Answers (1)
The amount that a manufacturing company could earn by renting unused portions of its warehouse is an example of an opportunity cost. True False
Answers (1)
Which paste option would you choose if you wanted only the computed values to be pasted, but with all formatting intact?
Answers (1)
Who usually requires less educational background for trainers than educational institutions require for instructors?
Answers (1)
Movers Company manufactures sneakers. The production of their new sneaker for the coming three months is budgeted as follows: August 30,000 September 50,000 October 35,000 Each sneaker requires 2 hours of direct labor time.
Answers (1)
New Questions in Business
Gaston owns equipment that cost $17,000 with accumulated depreciation of $3,400. Gaston sells the equipment for $12,200.
Answers (1)
If the supply of loanable funds exceeds the demand then borrowers will bid up the interst rate. True / False.
Answers (1)
The scientific method begins with A. the development of a formal hypothesis. B. the gathering of information. C. the identification of a problem for investigation. D. methodical observation of a phenomenon of interest.
Answers (1)
Charles loves watching downton abbey on his local public tv station, but he never sends any money to support the station during its fundraising drives. economists would call charles afree rider.
Answers (1)
Georgina is the owner of a company called piquant (which means having a pleasantly sharp taste or appetizing flavor).
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?