Question Completion Status: QUESTION 1 Marina had an accident with her car and the repair bill came to $900. She didn't have any emergency fund money and no extra money in her monthly budget, so she ended up borrowing from a pay-day loan company. As long as she can pay the loan back at the end of the 30 day period she won't be charged any interest, technically. However, she did have to pay an $19 processing fee per $100 that she borrowed. If she were to consider the processing fee to represent interest paid in her formula, what would she discover to be the annual interest rate she was charged on her short term loan? Click Save and Submit to save and submit. Click Save All Answers to save all answers. Il veule alimual interest rate she was charged on her short term loan? ITICI IUUld, what QUESTION 2 The end of the month has arrived and Marina was only able to save up $150 to pay off her pay-day loan of $900. This means she will have to delay payment on the remaining $750. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount. The APR (annual percentage rate) is 47%, but the interest is compounded daily. What is the effective interest rate that Marina will actually be paying? 0.75 QUESTION 3 It took her 9 more months but Marina has managed to save the full $750 plus more to cover En tant than donancom ALLA ha forta nec far the internet Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All Answe o Be @ 9 TP QUESTION 3 It took her 9 more months but Marina has managed to save the full $750 plus more to cover fees to pay off the pay-day loan company. However, she forgot to account for the interest that had been compounding over time. Consider it is now 275 days later, the remaining loan was $750 and the APR is 47% compounded daily. What is the total amount that Marina must now pay in order to pay off her the loan, accounting for interest? What is the total amount of interest paid (not including fees)? QUESTION 4 Anna also wants to travel after graduation but she isn't working while in school so she won't be able to put money aside regularly. However, her grandmother gave her the generous gift Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save All A What is the total amount of interest paid (not including fees)? QUESTION 4 Anna also wants to travel after graduation but she isn't working while in school so she won't be able to put money aside regularly. However, her grandmother gave her the generous gift of $2500 for her birthday and suggested she invest it in a GIC because it's low risk. She shopped around and found a 4 year GIC investment that earns 2.4% interest annually. How much will Anna have at the end of her four year investment? How much interest will be earned? QUESTION 5 Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save
