FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,000 today and repay $1,180 in two weeks.

Compound Frequency Payday loans are very short-term loans that charge very high interest rates. You can borrow $1,000 today and repay $1,180 in two weeks. What is the compound annual rate implied by this 18 percent rate charged for only two weeks?

Multiple Choice

  • 7,294.90%

  • 19.65%

  • 21.60%

  • 18.60%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image

Step: 3

blur-text-image

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

Personal Finance

Personal Finance

Authors: E Thomas Garman, Raymond E Forgue

10th Edition

143903902X, 9781439039021

More Books

Students also viewed these Finance questions

Question

★★★★★
Why are zero-coupon bonds the most price sensitive of any type of bond issue?

Answered: 1 week ago

Question

★★★★★
In Exercises use a computer algebra system to (a) Graph the slope field for the differential equation (b) Graph the solution satisfying the specified initial condition dy dx 0.02y(10 - y), y(0) = 2

Answered: 1 week ago

Question

★★★★★
1. When students are beginning new tasks or topics, provide models, prompts, sentence starters, coaching, and feedback. As the students grow in competence, give less support and more opportunities...

Answered: 1 week ago

Question

★★★★★
On January 1, 2011, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as follows....

Answered: 1 week ago

Question

★★★★★
QUESTION: 2 The Margo Manufacturing Company is performing an annual evaluation of one of its suppliers, the Mimi Company. Bo , purchasing manager of the Margo Manufacturing Company, has collected the...

Answered: 1 week ago

Question

★★★★★
A firm invests $1,000,000 in its short-term investment portfolio at the beginning of the year. It deposits $250,000 and $145,000 at the end of the first and second quarters, respectively. A...

Answered: 1 week ago

Question

★★★★★
the reactor core using an electromagnetic pump. A point A, the pipe has a diameter of 3-in and the sodium measures 20-psi gauge pressure. The sodium moves through the pipe at A with a velocity given...

Answered: 1 week ago

Question

★★★★★
Steve makes calls to prospective clients to set up an appointment for insurance sales calls. 15% of the calls that he makes result in an appointment with a prospective client. Give your answers...

Answered: 1 week ago

Question

★★★★★
3) Determine the change of volume caused in the block due to the application of the forces (Bulk Modulus Problem) c=60 mm 100 kN b=50 mm 50 kN a= = 100 mm 180kN

Answered: 1 week ago

Question

★★★★★
D Question 6 Consider the given function: f(x) = sin (2) (2+7) 5x+2 -2 - if x T if 2 Answered: 1 week ago

Answered: 1 week ago

Question

★★★★★
1. Create a disruptive innovation for your healthcare organization. 2. Outline the core competitive dimensions that make your new service or product unique. 3. Discuss long-term sustainable...

Answered: 1 week ago

Question

★★★★★
1. To provide an understanding that a person in a communication situation conveys three things at the same time: their position, basic interests and values.

Answered: 1 week ago

Question

★★★★★
4. What is meant by the statement: We are extremely limited in our willingness to allow others to put their own case in a social situation?.

Answered: 1 week ago

Question

★★★★★
8. Give three examples of how the level of confidence one has in someone can affect a communication situation.

Answered: 1 week ago

Previous Question Next Question