A radio commercial for a loan company states: "You only pay 27e a day for each $500 borrowed." If you borrow $1,836 for 232 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) b. Annual interest rate=% (Round to four decimal places)
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- A 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.) IDA 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 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.)
- 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.)Van Buren Resources Inc. is considering borrowing $100,000 for 182 days from its bank. Van Buren will pay $6,000 of interest at maturity, and it will repay the $100,000 of principal at maturity. a. Calculate the loan’s annual financing cost. b. Calculate the loan’s annual percentage rate. c. What is the reason for the difference in your answers to Parts a and b?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:
- 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.)1. Suppose that on January 1 you have a balance of $5600 on a credit card whose APR is 17%, which you want to pay off in 1 year. Assume that you make no additional charges to the card after January 1. a. Calculate your monthly payments. b. When the card is paid off, how much will you have paid since January 1? c. What percentage of your total payment from part (b) is interest? a. The monthly payment is? Then round to the nearest cent as needed.) 2. Compare the monthly payments and total loan costs for the following pairs of loan options. Assume that both loans are fixed rate and have the same closing costs. You need a $160,000 loan. Option 1: a 30-year loan at an APR of 8%. Option 2: a 15-year loan at an APR of 7.5%. Question content area bottom Part 1 Find the monthly payment for each option. The monthly payment for option 1 is $enter your response here. The monthly payment for option 2 is $enter your response here. (Do not round…A print shop borrows $2900 from a credit union for 231 days. The credit union charges simple interest at an annual rate of 8.25% for this loan. Assume each day is of a year. Answer each part below. 365 Do not round any intermediate computations, and round your final answers to the nearest cent. If necessary, refer to the list of financial formulas. (a) Find the interest that will be owed after 231 days. $0 (b) Assuming the print shop doesn't make any payments, find the amount owed after 231 days. ? 2 B 4
- 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 % < PrevYou apply for a loan of $151,000 with the following terms: A 7-year loan with semi-annual payments of $14,800 (paid at the end of each period). Based on this information, what is the APR of this loan? (Note: All answers are rounded to two decimals) 4.53% 4.82% 8.42% 9.06% 8.78%on Leo's Auto Repairs Inc. borrowed $6,600 to be repaid by end-of-month payments over four years. Interest on the loan is 5.61% compounded monthly. Your calculator must be set to 2 decimals before doing any calculations that are going to involve Amortization. All your answers are dollar figures, and must be rounded to exactly 2 decimals. a.) What is the size of the periodic payments? b.) What is the outstanding principal after the 21st payment? c.) What is the interest paid in the 22nd payment? d.) How much principal is repaid in the 22nd payment?