Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 07, 2024

A payday loan company charges a $ 2 5 fee for a $ 5 5 0 payday loan that will be repaid in 1 7

A payday loan company charges a $

25

fee for a $

550

payday loan that will be repaid in

17

days.

Treating the fee as interest paid, what is the equivalent annual interest rate?

%

interest Round to the nearest percent. This will be over

100 %

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Economics Of Money Banking And Financial Markets

Authors: Frederic S. Mishkin

12th Global Edition

1292268859, 978-1292268859

More Books

Students also viewed these Finance questions

Question

★★★★★

A firms year ends on December 31. Its tax is computed and submitted to the U.S. Treasury on March 15 of the following year. When should the taxes be reported as a liability?

Answered: 1 week ago

Question

★★★★★

Because of foundation settlement, a circular tower is leaning at an angle Î± to the vertical (see figure). The structural core of the tower is a circular cylinder of height h, outer...

Answered: 1 week ago

Question

★★★★★

5. Look at figure 10.3 and see if you can improve on this form. Create separate forms for an individual sport and a team sport that you are familiar with.

Answered: 1 week ago

Question

★★★★★

1. Map Crayola's five pillars of operational leadership to the competitive priorities in Table 1.3. 2. Create an assessment of Crayola's competitive priorities as it relates to their Asian expansion...

Answered: 1 week ago

Question

★★★★★

On January 1, 2014, a corporation issued $400,000 of 10-year, 12% bonds. The interest is payable semi-annually on June 30 and December 31. The issue price was $413,153 based on a 10% effective...

Answered: 1 week ago

Question

★★★★★

e. Assume the world real interest rate is * = 3.5 % per year. Your country has a long run average inflation rate of it = 2.0 %. What will be the average nominal interest rate (i) in your country?...

Answered: 1 week ago

Question

★★★★★

Exercise 2-7 (Algo) Analyzing account entries and balances LO A1 Use the information in each of the following separate cases to calculate the unknown amount. a. Corentine Company had $170,000 of...

Answered: 1 week ago

Question

★★★★★

Coastal Wineries is a private company looking to seek additional financing for expansion. They have hired your accounting firm for a review engagement. A full audit is not required for the lender....

Answered: 1 week ago

Question

★★★★★

You recently started your new job as a food service worker for a large high school. This week, the ovens and ranges are scheduled for a deep cleaning, but the supervisor who's been training you is...

Answered: 1 week ago

Question

★★★★★

Research a famous physicist and prepare a short biography to share in your portfolio. You can choose to create a short video, a poster, an infographic, a slideshow or other approved applications to...

Answered: 1 week ago

Question

★★★★★

Illustration 11 Mr. PQ has a small trading business for which the following procedures are followed: (1) All collections are deposited with the bank each day. (2) (3) All payments except petty...

Answered: 1 week ago

Question

★★★★★

The debate over convergence and divergence in human resource applications internationally.

Answered: 1 week ago

Question

★★★★★

The nature and importance of the global marketplace.

Answered: 1 week ago

Question

★★★★★

The role of human resources in providing services to support internationalisation.

Answered: 1 week ago

Previous Question Next Question