Payday loans are very short-term loans that charge very high interest rates. You can borrow $150 today and repay $210 in two weeks. What is the compounded annual rate implied by this 40 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.) (Do not round intermediate calculations and round your final answer to the nearest whole percent.) Compounded annual rate %

Q: Payday loans are very short-term loans that charge very high interest rates. You can borrow $400…

A: Rate for 2 weeks (r) = 0.22 or 22% Compound annual rate = ?

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Q: Payday loans are very short-term loans that charge very high interest rates. You can borrow $300…

A: The compounded annual return may also be known as the effective rate of return implied on an…

Q: Payday loans are very short-term loans that charge very high interest rates. You can borrow $500…

A: Solution:- Annual effective compound rate means the rate charged on per annum basis after effect of…

Q: A payday loan is structured to obscure the true interest rate you are paying. For example, in…

A: Loan fee=$27Loan amount=$185Period=2 weeks

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Q: Payday loans are very short-term loans that charge very high interest rates. You can borrow $200…

A: Payday loan : It is the a high interest loan given for the short term period to fulfil the short…

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Q: Payday loans are very short-term loans that charge very high interest rates. You can borrow $200…

A: The compounded annual return may also be known as the effective rate of return implied on an…

Q: Rounding in the calculation of monthly interest rates is discouraged. Such rounding can lead to…

A: Annual Rate (APR) = 5% Monthly Rate (r) = 5%/12 = 0.41666667% = 0.0041666667 Monthly Payment (P) =…

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A: a. MONTHLY PAYMENT FORMULA: PMT = P×rn1-1+rn-mn=$400,000×3.75%121-1+3.75%12-30×12=$1852.46 answer:…

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A: Compound = n = Monthly = 12Present Value = pv = $77,500Interest rate = r = 5.9 / 12Time = t = 48

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Q: Have trouble doing compound interest problems. Example is if monthly payment is $100 and APR is 2%…

A: APR is 2%. Monthly payment is $100. Interest per month would be (0.02/12) = 0.001667.

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Q: 6. In your search for the best rate of on a new car loan, you note that various lenders quote rates…

A: a) Calculating Effective Rate of  5.75% compounded monthly Effective rate of interest = [(1+…