Payday loans are very short-term loans that charge very high interest rates. You can borrow $500...
Payday loans are very short-term loans that charge very high
interest rates. You can borrow $500 today and repay $615 in two
weeks.
What is the compounded annual rate implied by this 23
percent rate charged for only two weeks? (Hint: Compound the 2-week
return 26 times for the annual return.) (Do not round
intermediate calculations and round your final answer to 2 decimal
places.)
Homework Answers
Compounded annual rate = (1 + 0.23)26 - 1
Compounded annual rate = 21,653.69%
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Payday loans are very short-term loans that charge very high
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Sarcosuchus Corporation offers very short-term loans to applicants with low credit ratings. They charge an interest...
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A payday loan is structured to obscure the true interest rate you are paying. For example,...
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