A radio commercial for a loan company states: "You only pay 28¢ a day for each $500 borrowed." If you borrow $2,370 for 242 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay=$(Round to two decimal places.)
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- A radio commercial for a loan company : “You only pay 30 cents a day for each $ 500 borrowed.” If you borrow 2,570 for 269 days, what amount will you repay , and what annual interest rate is the company actually charging? (Assume a the 360-day year)A payday loan is structured to obscure the true interest rate you are paying. For example, you pay a $15 "fee" for a two-week $180 payday loan (when you repay the loan in two weeks, you pay $180+$15). What is the effective annual interest rate for this loan? Assume 26 bi-weekly periods per year. Enter your answer as a decimal, rounded to 4 decimal places. Your Answer:A radio commercial for a loan company states: "You only pay 29g a day for each $500 borrowed." If you borrow $1,586 for 166 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year) a. Amount you repay $(Round to two decimal places.)
- www Will You borrow $1,000 from the bank and agree to repay the loan over the next year in 12 equal monthly payments of $90. However, th bank also charges you a loan initiation fee of $25, which is taken out of the initial proceeds of the loan. What is the effective annuall interest rate on the loan, taking account of the impact of the initiation fee? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) Effective annual interest rate 19.98 % < PrevA radio commercial for a loan company states: "You only pay 36¢ a day for each $500 borrowed." If you borrow $2,710 for 162 days, what amount will you repay, and what annual interest rate is the company actually charging? (Assume a 360-day year.) a. Amount you repay=$(Round to two decimal places.) ID2. You deposit $1500 in an account earning 3.75% interest compounded monthly. A. B.₁ ) How much will you have in the account in 7 years? 5.) How much interest will you have gained? 欢 3. (-) A payday loan company charges a $60 fee for a $700 payday loan that needs to be repaid in 14 days. Treating the fee as interest paid, what is the equivalent simple interest rate? Use the fact that there are 365 days in a year. Round to the nearest hundredth of a percent. Don't be surprised if the answer is more than 100%. 4.1 You pay $450 a month for a loan on a car purchase. You are getting a rate of 5.5% compounded monthly, how much is the remaining balance of the loan for the last 2 years?
- Assume you take out a car loan of $8,600 that calls for 48 monthly payments of $300 each. a. What is the APR of the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. Use a financial calculator or Excel.) b. What is the effective annual interest rate on the loan? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places.)Assume that interest is the only finance charge. Use financial calculator to answer the questions. How much interest would be paid on a $8,000 installment loan to be repaid in 48 monthly installments of $211.10? Round the answer to 4 decimal places. % per month What is the APR on this loan? Round the answer to 2 decimal places. %If you borrow $9000 at an annual percentage rate (APR) of r (as a decimal) from a bank, and if you wish to pay off the loan in 3 years, then your monthly payment M (in dollars) can be calculated using: M = 9000 (er/12-1) / 1 - e-3r 1) Describe what M (0.035) would represent in terms of the loan, APR, and time. 2) If you are only able to afford a max monthly payment of $300, describe how you could use the above formula to figure out what the highest interest rate the bank could offer you and you would still be able to afford the monthly payments. In addition, determine the maximum interest rate that you could afford.
- 1. If you borrow $2,400 and agree to repay the loan in four equal annual payments at an interest rate of 10%, what will your payment be? (Do not round intermediate calculations. Round your enswer to 2 decimal places.) Amount of payment b. What if you make the first payment on the loan immediately instead of at the end of the first year? (Do not round intermediate calculations. Round your answer to 2 decimal places.) Repayment amount %24 %24Assume that interest is the only finance charge. Use financial calculator to answer the questions.How much interest would be paid on a $8,000 installment loan to be repaid in 48 monthly installments of $210.72? Round the answer to 4 decimal places. % per monthWhat is the APR on this loan? Round the answer to 2 decimal places. %A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $30 "fee" for a two-week $200 payday loan (when you repay the loan, you pay $230). What is the effective annual interest rate for this loan? (Assume 26 bi-weekly periods per year.) The effective annual interest rate is ______%. (Round to two decimal places.)