A quick-loan service charges 4.2 percent interest for a six- week period. What would be the annual interest rate from that service?
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- A payday loan company charges 5% interest for a 2 week period. What would be the annual interest rate from that company?What is the monthly payment amount on a $100,000 home loan if the rate is 6.0% APR, and the loan is made for a 15-year period?A loan is offered with monthly payments and a 6.5 percent APR. What is the loan's effective annual rate (EAR)?
- Suppose you have received a credit card offerfrom a bank that charges interest at 1.4% per month,compounded monthly. What is the nominal interest(annual percentage) rate for this credit card? What isthe effective annual interest rate?If $800 is borrowed and the interest after 6 months is $44, what is the annual interest rate for a simple interest loan?you recieve a credit card offer that charges interest at 1.75% per month compounded monthly. What is the nominal annual interest rate?
- What is the effective interest rate (APY) for a loan of $8,500 at 12% APR compounded monthly? use the formula method.you receive a credit card offer that charges interest at 1.75% per month compounded monthly. What is the effective annual interest rate?Define the annual percentage rate (APR). Suppose you borrow $3,621.15 and take out a loan with an 8% nominal interest rate. You must repay the loan with 48 monthly payments of $90 each. In addition, you must pay an initial loan processing fee of $100. What is the APR for this loan? How would this be done in excel?
- A 6-year car loan charges flat rate at 2.5% per annum, to be repaid by a monthly annuity-due. Calculatethe ENR in monthly rest of the loan. If the borrower decides to redeem early after 12, 24, 36, 48 and 60payments, calculate the ENR in monthly rest charged over these periods. If you could show me how to find the ENR number for the monthly rates if the borrower redeems it earlier that would be great thank you.A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 14 days using ordinary simple interest.Treating the fee as interest paid, what is the equivalent annual interest rate?Cray Computing needs a 5-month loan for $300,000. Its bank quotes a simple interest rate of 15% on the loan. What is the annual percentage rate (APR)?