The annual $3600 membership fee at the oak Meadows golf club is due at the beginning of the year. instead of a single lu...
The annual $3600 membership fee at the oak Meadows golf club is due at the beginning of the year. instead of a single lump payment a member can pay $1600 at the start of the year And Defer the $2000 for five months by paying a $75 surcharge at the time of the second payment. effectively, what annual rate of simple interest is Oak meadows charging on the $2000 deferred payment ?
Homework Answers
yeah sorry for that
i will correct it now
They are charging you $75 on $2000 or 75/2000 = 0.0375 or 3.75%
3.75% for use of the money for 5 months.
If you multiply by 12 and divide by 5
3.75*12/5 = 9%
that gives you an APR of 9%.
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