Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sidney took a $370 payday cash advance. The lender charges a $5 discounted administrative fee, 10 percent interest (on the first $370 borrowed) and requires

image text in transcribed Sidney took a $370 payday cash advance. The lender charges a $5 discounted administrative fee, 10 percent interest (on the first $370 borrowed) and requires the loan to be paid in two weeks. a. If Sidney paid the loan in full two weeks later, what was the amount of the payment? (Omit the "\$" sign in your response.) Amount of payment $ b. If Sidney paid the loan in full two weeks later, what was the total cost of the loan in dollars and as a percentage of the cash received? (Omit the "\$" sign in your response. Round your percentage answer to 2 decimal places.) c. If Sidney did this, every two weeks for a year, how much in total would she pay in fees and interest? (Omit the "\$" sign in your response.) Total fees $ d. If Sidney did this, every two weeks for a year, how much would she have saved by using a credit card and paying the credit card bill in full, before the due date? (Omit the "\$" sign in your response.) Amount saved using credit card $ for the year

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

Robonomics Prepare Today For The Jobless Economy Of Tomorrow

Authors: John Crews

1st Edition

1530910463, 978-1530910465

More Books

Students also viewed these Finance questions

Question

What is database?

Answered: 1 week ago

Question

What are Mergers ?

Answered: 1 week ago

Question

How can promotion be used to help build positive brand attitude?

Answered: 1 week ago