Exercise 10.6.&. [S][Section 10.4||Goal 10.4 Payday loans. The Boston Globe on New Year's Day 2009 reported that a New Hampshire law will cap the interest rate on payday loans at 36 percent per year. Payday lenders typically charge $20 per $100 for two-week loans backed by the borrower's car title or next paycheck. That amounts to 1.43 percent interest per day, an annual rate of 521 percent. [R267) The cap will limit the daily rate to about 0 1 percent, so just $1 38 = a dime a day = on that two week $100 loan a) What is a "payday loan"? (b) Verify the computation that 1434 mnterest per day is $21st interest annually (c) If the 1:43$ daily interest is compounded daily them the true annual rate of interest is in fact much more than $219. How much is uc See the back of the book for a hunt. (d) Venily that paying interest of Si sona ha uuek loan of $100 is just about a "dime a day" and corresponds to a daily interest rate of about a tenth of a percent. What annual rate does that represen? (e) Visit a payday loan website and report on what you discover there about interest Exercise 10.6.&. [S][Section 10.4||Goal 10.4 Payday loans. The Boston Globe on New Year's Day 2009 reported that a New Hampshire law will cap the interest rate on payday loans at 36 percent per year. Payday lenders typically charge $20 per $100 for two-week loans backed by the borrower's car title or next paycheck. That amounts to 1.43 percent interest per day, an annual rate of 521 percent. [R267) The cap will limit the daily rate to about 0 1 percent, so just $1 38 = a dime a day = on that two week $100 loan a) What is a "payday loan"? (b) Verify the computation that 1434 mnterest per day is $21st interest annually (c) If the 1:43$ daily interest is compounded daily them the true annual rate of interest is in fact much more than $219. How much is uc See the back of the book for a hunt. (d) Venily that paying interest of Si sona ha uuek loan of $100 is just about a "dime a day" and corresponds to a daily interest rate of about a tenth of a percent. What annual rate does that represen? (e) Visit a payday loan website and report on what you discover there about interest Exercise 10.6.&. [S][Section 10.4||Goal 10.4 Payday loans. The Boston Globe on New Year's Day 2009 reported that a New Hampshire law will cap the interest rate on payday loans at 36 percent per year. Payday lenders typically charge $20 per $100 for two-week loans backed by the borrower's car title or next paycheck. That amounts to 1.43 percent interest per day, an annual rate of 521 percent. [R267) The cap will limit the daily rate to about 0 1 percent, so just $1 38 = a dime a day = on that two week $100 loan a) What is a "payday loan"? (b) Verify the computation that 1434 mnterest per day is $21st interest annually (c) If the 1:43$ daily interest is compounded daily them the true annual rate of interest is in fact much more than $219. How much is uc See the back of the book for a hunt. (d) Venily that paying interest of Si sona ha uuek loan of $100 is just about a "dime a day" and corresponds to a daily interest rate of about a tenth of a percent. What annual rate does that represen? (e) Visit a payday loan website and report on what you discover there about interest Exercise 10.6.&. [S][Section 10.4||Goal 10.4 Payday loans. The Boston Globe on New Year's Day 2009 reported that a New Hampshire law will cap the interest rate on payday loans at 36 percent per year. Payday lenders typically charge $20 per $100 for two-week loans backed by the borrower's car title or next paycheck. That amounts to 1.43 percent interest per day, an annual rate of 521 percent. [R267) The cap will limit the daily rate to about 0 1 percent, so just $1 38 = a dime a day = on that two week $100 loan a) What is a "payday loan"? (b) Verify the computation that 1434 mnterest per day is $21st interest annually (c) If the 1:43$ daily interest is compounded daily them the true annual rate of interest is in fact much more than $219. How much is uc See the back of the book for a hunt. (d) Venily that paying interest of Si sona ha uuek loan of $100 is just about a "dime a day" and corresponds to a daily interest rate of about a tenth of a percent. What annual rate does that represen? (e) Visit a payday loan website and report on what you discover there about interest