3.61 Antonio Menifee borrowed money from a bank to finance a small fising boat. The bank's terms allowed him to defer parments (inclusing interest) on the loan for six months and to make 36 equal end of month payments thereafter. The orginial bank note was for $16000 with an interest rate of 9% compounded monthly. After 16 monthly payments, Antonio found himself in a financial bind and went to a loan company for assistance in lowering his monthly payments. Fortunately, the loan company offered to pay his debts in one lump sum if he would pay the company $308.29 per month for the next 36 months. What monthly rate of interest is the loan company charging on the transaction

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answerobservation;