You borrow $800 from a payday lending company and pay $40 interest for one month.   What is the nominal annual interest rate? Group of answer choices 6% 79.6% 5% 60%

Q: The interest rate on a $14,200 loan is 8.6% compounded semiannually. Semiannual payments will pay…

A: Given: Loan = $14,200 Interest rate =8.6% Years = 9

Q: Required information You were just informed of the interest rate on your student loan. It is stated…

A: When the borrower borrows a loan from the lender, he has to pay a rate of interest on the borrowed…

Q: Where will you borrow money?  Justify your answer by showing all necessary calculations Choice A:…

A: Effective annual rate of DRSA Company (EAR) = ( 1+ i/n) n - 1 = ( 1+ 0.0466/2)2 -1 = (1.0233)2 - 1…

Q: You got a loan today of $10,000 for 3 years, annual interest rate is 6%. The annual payment is…

A: Annual Payment of Loan: It is the periodic payment of a loan including interest for a pre-defined…

Q: Assume that you start with a balance of $3900 on your credit card.During the first month you charge…

A: Here, Balance on Credit Card is $3900 APR is 29% Charges for first Month is $400 Charges for Second…

Q: You borrow $2600 at 6% APR to purchase a computer. You plan to make monthly payments of $28.86 until…

A: The amortization table is a presentation method of installment payments, interest amount…

Q: What is the monthly interest expense for the following open-end credit loan? Loan balance of…

A: The open ended credit loan you have to pay interest on balance amount used and calculation are done…

Q: Calculate the monthly payment by using the loan amortization table:  (Round your answer to the…

A: Annuity: An annuity is defined as a series of payments, whether received or made, that are equal and…

Q: Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days…

A: In adjusted balance methods, payments made on transactions will be deducted from balance.Adjusted…

Q: Find the annual financing cost (AFC) or a 30 day line of credit where the bank requires a 10%…

A: *Answer:  Data given: Loan amount                     =$214,296 Interest rate…

Q: Loan Details Payment (PMT) Monthly (End-of-month) Monthly interest rate (RATE) Months to Pay Off…

A: If the borrower wants to pay a 48 month loan in 20 months then the installments for 20 months will…

Q: If you borrow $4,600 at $850 interest for one year, what is your effective interest rate for the…

A: The Effective Annual Rate (EAR), also known as the annual equivalent rate (AER) or annual percentage…

Q: How many months will it take to pay off a credit card debt of $4,000 by paying $250 per month at an…

A: Using NPER function in excel

Q: A lender wished to earn an annual simple interest rate of 14%. What annual simple discount rate…

A: Banks frequently subtract basic interest from loan amounts at the moment the loan is originated.…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The finance charge is the charge which is paid by the borrower on the amount he borrowed is called…

Q: If you have a $15,000 car note with a $450.00 monthly payment, payable over 36 months, what interest…

A: In the given question we need to compute the interest rate from following details: Car note value =…

Q: You get an offer for a credit card that charges 13.99% interest APR, compunded monthly. What…

A: Effective Annual Interest Rate: The actual return on a savings account or any other investment that…

Q: A payday loan company charges a $25 fee for a $550 payday loan that will be repaid in 17 days.…

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

Q: Find the discount and proceeds on a $3,250​ face-value note for nine months if the discount rate is…

A: Given that,face value = $3,250​ discount rate = 9.2% = 0.092time = 9 months =  years

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: Using excel Rate function

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: Loan amount (L) = $13000 Number of payments (n) = 36 Monthly payment (M) = $454 Let r = Monthly rate

Q: If you have a $19,500 car note with a $380.00 monthly payment, payable over 60 months, what interest…

A: In the above question we need to compute the interest rate from following details: Value of card…

Q: A student borrows ​$68,300 at 7.2​% compounded monthly. Find the monthly payment and total…

A: Here, Borrowed Amount is $68,300 Interest Rate is 7.2% Compounding Period is Monthly i.e 12 Time…

Q: dyne heed to buy a refrig and they will need to borrow money in rate). If the refrigerator at Sears…

A: In the add on method we need to calculate the interest for the given period and than we need to…

Q: A student has a total of $3,000.00 in student loans that will be paid with a 48-month installment…

A: A loan is a sort of debt that is taken on by an individual or another institution. The lender, which…

Q: $10,800 is borrowed for 9 years. If the interest on the loan is $5,832, find the monthly payment.…

A: Loans are paid by equal payments that carry payment for interest rate and payment of original loan…

Q: Calculate the table factor, the finance charge, and the monthly payment (in $) for the loan by using…

A: The given problem can be solved using PMT function in excel. PMT function computes installment…

Q: One of your customers has just made a purchase in the amount of $26,400. You have agreed to payments…

A: A loan is a debt amount borrowed by one person from another person at a predetermined financial…

Q: whats the answer to number 1?

A: Please see the next step for the solution

Q: Wells Fargo gives you an offer of $450,000 at a mortgage rate 5.5%, compounded quarterly. Citi Bank…

A:

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: AMOUNT FINANCED = $17.910 NO OF PAYMENT = 48 MONTHLY PAYMENT = $550.47 TOTAL PAYMENT = $550.47 x 48…

Q: How much interest will you pay on a loan of $15 500 if you are paying the loan off in 9 months? Your…

A: On the income statement, the expenditure for interest is categorized as a non-operating item. It is…

Q: You have an account with a $1000 credit limit that charges 12.25% interest using the average daily…

A: In credit cards they are charged based on the daily balance and there is need of daily balance and…

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: A loan is a financial arrangement in which one or more people, companies, or other entities lend…

Q: Calculate the finance charge (in $), the finance charge per $100 (in $), and the annual percentage…

A: amount financed = $50,000 no of payment  = 60 monthly payment = $1,176.33 total payment = 60 x…

Q: QI: you put $ 2500 in account bank , this bank gives interest 6.5% for the first 3 months of saving…

A: Interest is the cost which the borrower has to bear on the loan taken. interest is of two kinds. It…

Q: Monthly payment of loan b, rounded to the nearest cent

A: Monthly payment for the loan is the amount paid for loan over a time.