Finance charges on a payday loan may not exceed 16.7% of the amount advanced. Find the annual interest rate if $300 is borrowed for 10 days at the maximum allowable charge. The annual interest rate is ___ % (round to the nearest percent) Show all work and explanations.

Q: What is the APR on this loan?

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A: workings:

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A: Given, Payday loan company charges fee = $25 Payday loan amount = $550 Duration = 17 days

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Q: , find the monthly payments or

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Q: Compute the rate (in %) for the loan. Round answers to the nearest tenth of a percent; use ordinary…

A: Principal Amount = p = $185,000 Time = t = 2 years Interest amount = i = $24,050

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A: Annual rate (r) =11.75%Number of compounding (n) = 12Required:EAR = ?

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