Ans: Interest = Amount paying back - amount took as loan
= $ 804 - $ 764
= $ 40
Interest is $ 40 for 41 days.
Annual interest rate = Interest / amount took as loan *365 days / 41 days
= $ 40 / 804 * 365 / 41
= 46.6096 %
Suppose Melissa took out a $764 loan from Ace Cash Advance which she will have to...
Suppose Melissa took out a 5775 loan from Ace Cash Advance which she will have to pay back in 57 days. If she has to pay back $806, what is the annual interest rate Ace Cash Advance is charging her? Answer
Create and solve the equation Peggy took out a personal loan for $30,000, with an annual interest rate of 2% to invest in her business. She has six years to pay back the loan. During the first year, Peggy made $10,000 to pay on her loan. How much in monthly payments would Peggy need to meet her deadline?
To purchase a car, Sarah took out a 60-month loan for $34.700 with a 7.7% annual interest rate. After making 41 payments, Sarah received a bonus from work and plans to use it to pay off the remaining balance Calculate Sarah's monthly payment and the amount needed to pay off her loan Sarah's monthly payment is (Round to the nearest cent.) The amount needed to pay off this loan with (Round to the nearest cent.) payments remaining is Enter your...
1.Shen took out a loan for 292 days and was charged simple interest at an annual rate of 2.5%. The total interest he paid on the loan was $146. How much money did Shen borrow? Assume that there are 365 days in a year, and do not round any intermediate computations. 2. To purchase $12,600 worth of lab equipment for her business, Isabel made a down payment of $1900 and took out a business loan for the rest. After 2...
14. Loan amortization and capital recovery After Shipra got a job, the first thing she bought was a new car. She took out an amortized loan for $20,000—with no ($0) down payment. She agreed to pay off the loan by making annual payments for the next four years at the end of each year. Her bank is charging her an interest rate of 6% per year. Yesterday, she called to ask that you help her compute the annual payments necessary...
Patty took a cash advance of $1,500. Her new credit card charges an Annual Percentage Rate of 21%. The transaction fee for cash advances is 3% of the cash advance, with a maximum fee of $35. This fee is added to the total cash advance, and accrues interest. If Patty makes monthly payments of $65: 7. How long will it take Patty to pay for the cash advance? 8. What is the total amount Patty will end up paying for...
Question 3 Marie purchased a car and took out a loan for the $14.663.61 purchase, at 7% interest for 6 years. If she has 4 years left on her loan, what is her remaining balance? incorrect Score 0.00 out of 100 Anwer: Check
If Jayda paid $54 worth of interest on her $117 loan for 9 days from a Pay Day loan store, what is the annual interest rate she is paying? Answer: Check
a. You took out a loan for $68,800, at 4.5% ordinary interest. The total amount of interest was $4,644? What is the time period (in days) of the loan? b.You repaid a $2,500 installment loan with 24 monthly payments of $123.00 each. What was the annual percentage rate of the loan? answer b: 16.496% ???
You took out a student loan in college and now have to pay $1,600 every year for 10 years, starting one year from now. The annual interest rate on the loan is 4%. Attempt 1/5 for 10 pts. Part 1 What is the present value of the 10 yearly payments?