Question
Common Small Loan Easy Access Loan Loan Amount $1,000 $1,000 Term 12 months 14 days Interest Rate (Simple Interest) 7% n/a Financial Fee n/a $300*
|
| Common Small Loan | Easy Access Loan |
| Loan Amount | $1,000 | $1,000 |
| Term | 12 months | 14 days |
| Interest Rate (Simple Interest) | 7% | n/a |
| Financial Fee | n/a | $300* |
| Annual Percentage Rate (APR) | 7.22% | 782% (Yes this APR is correct) |
| Payment | $86.63 per month | Your Answer: |
| Total Interest/Fees | Your Answer: 39.54 | Your Answer: |
*1st 14 day fee is $300; if renewed, an additional $300 fee is required
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Canadian Public Finance
Authors: Genevieve Tellier
1st Edition
1487594410, 978-1487594411
