South Penn Tracking is financing a new truck with a loan of $10,000 to be repaid in 5 annual end-of-year installments of $2,504.56. What annual interest rate is the company paying?
A) 7%
B) 8%
C) 9%
D) 10%
E) 11%
B
You might also like to view...
Which of the following groups would be classified as intangible assets for financial accounting and reporting purposes?
A) long-term notes receivable, copyrights, goodwill, and trademarks B) patents, software development costs, franchises, copyrights, and trademarks C) computer software costs, development costs for internally developed patents, research, and goodwill D) start-up costs, goodwill, costs of employee training programs, and trademarks
A company's management information system is a subsystem of its accounting information system
Indicate whether the statement is true or false
The costs of lost reputation are often multidimensional. The most direct cost is lost business, but effects can also be felt in loss of current employees and difficulty hiring quality new employees. Most organizations count on a good reputation as part of their market value.
What will be an ideal response?
The budget procedures used by a large manufacturer of automobiles would probably not differ from those used by a small manufacturer of paper products
Indicate whether the statement is true or false