Concept explainers
This activity is a group research project intended for four or five people. Present your research in a seminar on the history of interest and banking. The seminar should last about 30 minutes. Address the following questions: When was interest first charged on loans? How was lending money for a fee opposed historically? What is usury? What connection did banking and banking and interest rates play in the historic European rivalries between Christians and Jews? When and where were some of the highest interest rates charged? What were the rates? Where does the word in interest come from? What is the origin of the word shylock? What is the difference between usury and interest in modern times? What is the history of a national bank in the United States?
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THINKING MATHEMATICALLY WITH INTEGRATED
- Using Table 19-1 and Table 19-2, calculate the annual, semiannual, quarterly, and monthly premiums (in $) for the life insurance policy. Round your answers to the nearest cent. Face Valueof Policy Sex and Ageof Insured Type of Policy AnnualPremium SemiannualPremium QuarterlyPremium MonthlyPremium $70,000 male—40 whole life $ $ $ $arrow_forwardA paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. The paper also reported that 37.6% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Americans would select a wrong answer to this question? Use ? = 0.05. (Round your test statistic to two decimal places and your P-value to four decimal places.) State the appropriate null and alternative hypotheses. H0: p = 1 3 versus…arrow_forwardA paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never-you will continue to be in debt; (e) don't know; and (f) prefer not to answer. A USE SALT (a) Only 355 of the 1,000 respondents chose the correct answer of "never." Assume that the sample is representative of adult Americans. Is there convincing evidence that the proportion of adult Americans who can answer this question correctly is less than 0.40 (40%)? Use the five-step process for hypothesis testing (HMC3) described in this section and a = 0.05 to test the appropriate hypotheses. (Hint: See Example…arrow_forward
- A paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. The paper also reported that 37.1% of those in the sample chose one of the wrong answers (a, b, or c) as their response to this question. Is it reasonable to conclude that more than one-third of adult Americans would select a wrong answer to this question? Use ? = 0.05. (Round your test statistic to two decimal places and your P-value to four decimal places.) State the appropriate null and alternative hypotheses. H0: p =…arrow_forwardA paper included analysis of data from a national sample of 1,000 Americans. One question on the survey is given below. "You owe $3,000 on your credit card. You pay a minimum payment of $30 each month. At an Annual Percentage Rate of 12% (or 1% per month), how many years would it take to eliminate your credit card debt if you made no additional charges?" Answer options for this question were: (a) less than 5 years; (b) between 5 and 10 years; (c) between 10 and 15 years; (d) never—you will continue to be in debt; (e) don't know; and (f) prefer not to answer. Only 355 of the 1,000 respondents chose the correct answer of "never." Assume that the sample is representative of adult Americans. Is there convincing evidence that the proportion of adult Americans who can answer this question correctly is less than 0.40 (40%)? Use the five-step process for hypothesis testing (HMC3) described in this section and ? = 0.05 to test the appropriate hypotheses. The paper also reported that 37.2%…arrow_forwardFrom some financial statistics, it is found that the monthly average electricial charges was 2,460 and S.D. Rs. 120. The monthly average direct wages was Rs. 42,000 and S.D. Rs. 1,200. State which is the more variable with proper reasons.arrow_forward
- Njarrow_forwardHow much would Olga's semiannual premium be for a five-year term insurance policy with a face value of $330,000, based on Table 19-1 and Table 19-2 from your text? She turned 26 years old on her last birthday. (Round your answer to the nearest cent.) O $215.36 O $243.67 O $430.72 O $487.34arrow_forwardWhich of the following would NOT be included in accounts payable? A. Utility bills B. Salaries payable C. Supplier invoices D. Rent payablearrow_forward
- US DOLLAR EXCHANGE RATES TABLE Top 10 US Dollar Euro British Pound Indian Rupee Australian Dollar Canadian Dollar Singapore Dollar Swiss Franc Malaysian Ringgit Japanese Yen Chinese Yuan Renminbi 1.00 USD 0.883475 0.790686 75.164610 1.436913 1.357608 1.388774 0.939936 4.258057 106.807253 7.001441 Jul 13, 2020 01:11 UTC inv. 1.00 USD 1.131894 1.264724 0.013304 0.695936 0.736589 0.720059 1.063902 /gallon 0.234849 0.009363 0.142828 A gas station in Canada sells gasoline for CAD 1.39 per liter. (CAD is an abbreviation for Canadian dollars.) What is the price in dollars per gallon? Use the currency exchange rate from the table. (1 gallon = 3.78541 liters) Do not round the table values. 1.39 CAD/liter = $arrow_forwardMoney markets are markets for Foreign stocks. Consumer automobile loans. U.S. stocks. Short-term debt securities. Long-term bonds.arrow_forwardRed, Inc provides group term life insurance to all of its employees. Susan, a vice-president, received $200,000 of coverage for the year. The Uniform Premiums (based on Susan's age) are $ 15 per month for $1,000 o f protection How much of this must Susan include in gross income this year? O SO O $360.00 O $270.00 O $280.00arrow_forward
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