Calculation of monthly interest rates is discouraged

Assignment Help Financial Management

Reference no: EM132000015

Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here. For long-term loans, the differences may be pronounced.

Assume that you take out a $8000 loan for 25 months at 7.5% APR. How much total interest will you have paid at the end of the 25 months? (Round your answer to the nearest cent.)

1250 is not the correct answer

Reference no: EM132000015

Questions Cloud

In what instances should goodwill be adjusted for impairment : How the use of the LIFO method to value its inventories will be impacted if a switch to financial statements prepared in compliance with IFRS will be made

Order for the discount cost to be justified : What would the sellers cost of capital have to be in order for the discount cost to be justified?

What are the earnings per share : The income tax rate is 30%. What are the earnings per share after the sale of 110,000 shares of stock

Provide the reasons for inclusion and the unique aspects : Assume that you have been tasked by your employer to develop an incident response plan. Create a list of stakeholders for the IR planning committee.

Calculation of monthly interest rates is discouraged : Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to answers different from those presented here.

How to find budget for sales revenue : Fly Fast has scheduled flights on 15 days during January, HOW TO FIND budget for sales revenue for the first quarter of 2017

Calculate the annual fuel savings-in gallons for the truck : Your small remodeling business has two work vehicles. Calculate the annual fuel savings, in gallons, for the truck.

Why do organization have information deficiency problem : Discuss the relationship between data, information, and knowledge. Support your discussion with at least 3 academically reviewed articles.

Identify ten possible customer interactions : Research opportunities for personal and professional development that enable you to reach your personal and professional goals.

User Account

All Pages