A payday loan company charges 2.2 percent interest for a two-week period. What would be the...
A payday loan company charges 2.2 percent interest for a two-week period. What would be the annual interest rate from that company? (Assume an even 52 weeks per year. Enter your answer as a percent rounded to 1 decimal place.)
Annual Interest Rate -
Homework Answers
Effective annual rate (EAR), is mathematically represented as:
EAR = 1.7609 - 1
EAR = 0.7609
EAR 76.1%
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A payday loan company charges 2.2 percent interest for a two-week period. What would be the...
Part 1 - A payday loan company charges 2.2 percent interest for a two-week period. What...
Part 1 - A payday loan company charges 2.2 percent interest for a two-week period. What would be the annual interest rate from that company? (Assume an even 52 weeks per year. Enter your answer as a percent rounded to 1 decimal place.) Part 2 - A worker's primary goal should be to Multiple Choice Pay his or her taxes using estimates for income and deductions. Pay no income taxes. Pay the average tax rate for people working in his...
Part 1 - A certificate of deposit often charges a penalty for withdrawing funds before the...
Part 1 - A certificate of deposit often charges a penalty for withdrawing funds before the maturity date. If the penalty involves two months of interest, what would be the amount for early withdrawal on a CD paying 4 percent and valued at $26,000? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Part 2 - A payday loan company charges 5 percent interest for a four-week period. What would be the annual interest rate from that...
Find the effective rate for a payday loan which charges $49.82 for a two week loan...
Find the effective rate for a payday loan which charges $49.82 for a two week loan of $380. percent. The effective rate of the loan is (Round to two decimal places.)
A payday loan is structured to obscure the true interest rate you are paying. For example,...
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $33"e" for a two week $210 payday loan (when you repay the loan you pay $243). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year) The effective annual interest rate is 204.23% (Round to two decimal places.)
A payday loan is structured to obscure the true interest rate you are paying For example,...
A payday loan is structured to obscure the true interest rate you are paying For example, in Washington, you pay a $30 "fee" for a two-week $205 payday loan (when you repay the loan, you pay $235). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year) The effective annual interest rate is 1% (Round to two decimal places)
A payday loan is structured to obscure the true interest rate you are paying. For example,...
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $26 "Yee" for a two-week $215 payday loan (when you repay the loan, you pay $241). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is 1% (Round to wo decimal places.)
Problem 5-60 Effective Interest Rate (L04) Find the APR (the stated interest rate) for each case....
Problem 5-60 Effective Interest Rate (L04) Find the APR (the stated interest rate) for each case. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) APR Effective Annual Compounding Interest Rate Period 16.77 % 1 month 7.12 6 months 10.38 3 months % % % Lenny Loanshark charges “1.03 points" per week (that is, 1.03% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a...
please explain I dont understand at all A payday loan company charges a $35 fee for...
please explain I dont understand at all
A payday loan company charges a $35 fee for a $650 payday loan that will be repaid in 18 days. Treating the fee as interest paid, what is the equivalent annual interest rate? % interest Round to the nearest percent. This may be over 100%
If the interest rate is 10 percent per week, what is the EAR? [Please note that...
If the interest rate is 10 percent per week, what is the EAR? [Please note that 10 percent per week is not an ARP. It is a weekly rate (Quoted rate/m)]. Assume 52 weeks in a year. Round off your answer to the nearest whole number.
A local finance company quotes an interest rate of 17.1 percent on one-year loans. So, if...
A local finance company quotes an interest rate of 17.1 percent on one-year loans. So, if you borrow $20,000, the interest for the year will be $3,420. Because you must repay a total of $23,420 in one year, the finance company requires you to pay $23,420/12, or $1,951.67, per month over the next 12 months. Is the interest rate on this loan 17.1 percent? a. What rate would legally have to be quoted? (Do not round intermediate calculations and enter...
Find the effective rate for a payday loan which charges $49.82 for a two week loan of $380. percent. The effective rate of the loan is (Round to two decimal places.)
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $33"e" for a two week $210 payday loan (when you repay the loan you pay $243). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year) The effective annual interest rate is 204.23% (Round to two decimal places.)
A payday loan is structured to obscure the true interest rate you are paying For example, in Washington, you pay a $30 "fee" for a two-week $205 payday loan (when you repay the loan, you pay $235). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year) The effective annual interest rate is 1% (Round to two decimal places)
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $26 "Yee" for a two-week $215 payday loan (when you repay the loan, you pay $241). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is 1% (Round to wo decimal places.)
Problem 5-60 Effective Interest Rate (L04) Find the APR (the stated interest rate) for each case. (Do not round intermediate calculations. Enter your answers as a percent rounded to 2 decimal places.) APR Effective Annual Compounding Interest Rate Period 16.77 % 1 month 7.12 6 months 10.38 3 months % % % Lenny Loanshark charges “1.03 points" per week (that is, 1.03% per week) on his loans. What APR must he report to consumers? Assume exactly 52 weeks in a...
please explain I dont understand at all
A payday loan company charges a $35 fee for a $650 payday loan that will be repaid in 18 days. Treating the fee as interest paid, what is the equivalent annual interest rate? % interest Round to the nearest percent. This may be over 100%
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