Determine the interest rate gene paid

Assignment Help Macroeconomics
Reference no: EM131373016

Gene Milton borrowed a sum of $5,000 from his uncle Ben and after three years paid a sum of $5,000 and paid another $1000 after 4 years to pay off the loan.

Determine the interest rate Gene paid if the payments were based on yearly compounding.

Show all work please

Reference no: EM131373016

Questions Cloud

Discuss the model or economic theory : Provide a brief overview / synopsis of the issue and discuss the model or economic theory that relates to the issue presented in the news article.
Premium for overtime and productivity : An assembly line can produce 60 units per hour. The line's hourly cost is $3600 on straight time (the first 8 hours). Workers are guranteed a minimum of 6 hours. There is a 50% premium for overtime and productivity for overtime drops by 5%. What a..
Mutual fund that pays per month : In order to have an accumulation of $100,000 twelve years from today, how much does John Dean need to invest in a mutual fund that pays ¾% per month?
How many samples are taken over twenty meter travel distance : ECET 380- Assuming that samples are taken at intervals of 1/4 the Coherence time to ensure correlation of consecutive samples, how many samples are taken over a 20 m travel distance?
Determine the interest rate gene paid : Gene Milton borrowed a sum of $5,000 from his uncle Ben and after three years paid a sum of $5,000 and paid another $1000 after 4 years to pay off the loan. Determine the interest rate Gene paid if the payments were based on yearly compounding.
Justify the effects of detecting organizational gaps : Analyze key elements using ADDIE (analyze, design, develop, implement and evaluate) of training and development geared toward improving the performance of the specific small business for which you are consulting.
Equilibrium price and quantity in the market : 1. Using Microsoft Excel, draw a graph illustrating the supply and demand in this market. 2. What is the equilibrium Price and Quantity in the market?
Explain the term interest weapon : Explain the term "interest weapon" and in which situations the National Bank can/will be forced to use this mechanism. If the Swedish government agree to devaluate the Swedish currency by 10%, in the short run who will then have a benefit of this; A..
What is the general effect of dehydration on the body : Write an essay of at least 350 words that explains the basic functions and sources of minerals and water in the body. Include what you learned about minerals, water, and dehydration from the article. Provide responses to the following:Mention two ..

Reviews

Write a Review

 

Macroeconomics Questions & Answers

  It is better for you not to trade at all than to trade and

Suppose that you are a worker. Your cost of working is $5.75. Youve submitted an asking wage of $7 but no employer has been willing to pay that much. The highest bid being offered by the remaining employers is $6.10. There is only enough time left fo..

  What do economists mean

In the USA, it is the opposite: No harvesting is allowed unless the deceased had signed, while still alive, an organ donor form authorizing doctors to harvest any needed organs. Use supply and demand figures to show in which country organ shortage..

  Question regarding the art appreciation course

Identify an image from popular culture, fine art, advertising, television, or the internet that exhibits characteristics of propaganda as defined in the lecture.

  Sources for real gdp and producer price index

Differentiate at least two 2-year forecasts from separate sources for real GDP and Producer Price Index

  What after tax rate of return can he expect to receive

Alfred chan decided to buy an old duplex as an investment. After looking for several months, he found a desirable duplex that could be bought for $300,000 cash. He decided that he would rent bought sides of the duplex, and determined that the tota..

  What does cochrane think about tax expenditures

What does Cochrane think about tax expenditures? Why does our political system mix goals? Why is "simple" important for the tax code? What is the straightforward problem and solution to our debt and deficits?

  Lowering the target federal fund rate

Suppose the Federal Reserve lowers its target for the federal funds rate six times in seven months while the European Central Bank leaves its target for short term interest rates unchanged.

  Employment and unemployment rates

Discuss and contrast how your Metropolitan Area and State employment and unemployment rates compared to the Rest of the U.S. by briefly summarizing the information within these categories.

  What is the current minimum wage in the u.s

What is the current minimum wage in the U.S - what is the minimum wage for workers who receive tips and what is the current minimum wage for the state that you live in

  Why would you expect the velocity of circulation

What policy rule do monetarists believe the Fed should follow? What are the major assumptions underlying this policy prescription?

  What will happen to the money supply in a checkable

What will happen to the money supply in a checkable-deposits-only system? a) The required reserve ratio is 10%, and a depositor withdraws $2,000 from his checkable bank deposit.

  Determine is sams savings bank well capitalized

Suppose Sam's Savings Bank has the following balance sheet with all amounts in millions of dollars): Assets Liabilities + Capitol Cash 5 Transactions deposits 267 Deposits at Fed Res 10 Time Deposits 569 Gov Bonds 20 Subordinate Debt 38 Gov Bond A..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd