Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 28, 2024

A payday loan company charges a $80 fee for a $700 payday loan that will be repaid in 11 days. Treating the fee as interest

A payday loan company charges a $80 fee for a $700 payday loan that will be repaid in 11 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%

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

Principles Of Finance

Authors: Scott Besley, Eugene F. Brigham

3rd Edition

0324232624, 9780324232622

More Books

Students also viewed these Finance questions

Question

★★★★★

1. Use the data of Problem 5-6B to prepare Bata Building Supplies' multi-step income statement for the year ended July 31, 2014. In Problem 5-6B Selected accounts of Bata Building Supplies, at July...

Answered: 1 week ago

Question

★★★★★

Measurements of the distances, xmm, between two moving parts inside car engines were recorded and are summarised in the following table. There were 156 engines of type A and 156 engines of type B. a....

Answered: 1 week ago

Question

★★★★★

1.6 Past Canadian Prime Ministers A data set consists of the ages at death for each of the 15 past prime ministers of Canada. a. Is this set of measurements a population or a sample? b. What is the...

Answered: 1 week ago

Question

★★★★★

Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as follows: 1. Under SUTA for Arizona on taxable payroll of $28,000, the contribution rate is 3.9%....

Answered: 1 week ago

Question

★★★★★

Record the amounts that increase and decrease cash. On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,864. Cash receipts yet to be deposited into the...

Answered: 1 week ago

Question

★★★★★

strategic plan in a report format: report should; Critically evaluate the relationship among the organisation's corporate, business and operational strategies. Apply strategic models and tools to...

Answered: 1 week ago

Question

★★★★★

Question 2 (10 marks) Analyse the Model below and provide how strategic management can be effective in an organisation. Environmental Analysis Strategic Strategic Action Direction Plans Plan...

Answered: 1 week ago

Question

★★★★★

Give a detailed explanation of the requirements (college degrees, relevant experience, and certificates for sports writing) in one paragraph.

Answered: 1 week ago

Question

★★★★★

A crucial element of Nucors success is its ability to mobilize two types of knowledge: plant construction and start - up know - how; and manufacturing process know - how. What mechanisms does Nucor...

Answered: 1 week ago

Question

★★★★★

Question 1 The following data relates to periods 1 to 4 of a manufacturing company producing a single product: - Variable production cost per unit Fixed production overhead per period Selling price...

Answered: 1 week ago

Question

★★★★★

Explain the main issues that you need to address when organising the purchasing and supply chain function

Answered: 1 week ago

Question

★★★★★

What careers are open to people with strong backgrounds in communication? F

Answered: 1 week ago

Question

★★★★★

What themes unify areas of study within the fi eld of communication?

Answered: 1 week ago

Question

★★★★★

What would you say next to Toya? How would you meet your ethical responsibilities as her mentor and also adapt to her need for reassurance?

Answered: 1 week ago

Previous Question Next Question