Disposable income from your part-time job

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Reference no: EM131301422

1. The disposable income from your part-time job in 2012 and 2013 is $16,500. In 2012, you borrowed $900 at 18 percent interest. You repay your loan with interest in 2013. How much would you have available for spending in 2013? (Do not round intermediate calculations.)

2. You can buy an item for $100 on a charge with the promise to pay $100 in 90 days. Suppose you can buy an identical item for $94 cash. If you buy the item for $100, you are in effect paying $6 for the use of $94 for three months. What is the effective annual rate of interest? Ignore interest rate compounding. (Do not round your intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)

Reference no: EM131301422

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