Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 06, 2024

A person goes to a payday lender and borrows $150 for three weeks using her upcoming paycheck as collateral. She will have to pay back

A person goes to a payday lender and borrows $150 for three weeks using her upcoming paycheck as collateral. She will have to pay back $180 in three weeks. What is the finance charge? Do not include a "$" or comma.

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

Stock Markets And Corporate Finance A Primer

Authors: Michael Dempsey

1st Edition

1800611471,1800611498

More Books

Students also viewed these Finance questions

Question

★★★★★

A batch of 350 samples of rejuvenated mitochondria contains 8 that are mutated (or defective). Two are selected, at random, without replacement from the batch. a) What is the probability that the...

Answered: 1 week ago

Question

★★★★★

LO4 Apply the five forces framework to analyze the sustainability of an industrys profits.

Answered: 1 week ago

Question

★★★★★

Analyzing inventory reductions at Supervalu On January 12, 2010, Supervalu, Inc., announced it was planning to reduce the number of different items it carries in its inventory by as much as 25...

Answered: 1 week ago

Question

★★★★★

ABC Corporation's common stock has a market risk premium coefficient of 7. The size and book to market coefficients are 1.5 and .45, respectively. The expected values for the market risk premium,...

Answered: 1 week ago

Question

★★★★★

Ninety - five percent ( 9 5 % ) of the scores in a normal distribution fall within plus or minus two standard deviations from the mean. Tre False

Answered: 1 week ago

Question

★★★★★

1, What is the net (total) electrochemical force (size and direction) acting on Na+ at the resting potential (-70mV)? 2. What is the net (total) electrochemical force (size and direction) acting on...

Answered: 1 week ago

Question

★★★★★

Question 2 Foresight Computer Services is showing a large amount in the Undeposited Funds account. Their income seems very high compared to previous periods. After investigating, you can see that...

Answered: 1 week ago

Question

★★★★★

1.Mill Company sells washing machines that carry a three-year warranty against manufacturer's defects. Based on the entity's experience, warranty costs are estimated at P300 per machine. During the...

Answered: 1 week ago

Question

★★★★★

Allicyn is building a development dashboard. She discovers she needs to have more focus on factors that explain why certain decisions are made that affect her part of the supply chain. Which area is...

Answered: 1 week ago

Question

★★★★★

EX-6. KG, PAUL, and RAY decided to engage in a real estate venture as a partnership. KG invested P 140,000 cash and PAUL provided an office and furnishings valued at P 220,000. (There is a P 60,000...

Answered: 1 week ago

Previous Question Next Question