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Tju [1.3M]
1 year ago
6

1 2 3 4 5 6 7 8 9 10 kaleb wants to get a payday loan in the amount of $375. he knows that the annual percentage rates (apr) for

these types of loans are high, but he is hoping to find one that has an apr of 40%. if kaleb finds a business that charges a fee of $37 for the loan, what would the term of the loan need to be in order for kaleb to get his desired apr? a. 9 days b. 19 days c. 90 days d. 95 days please select the best answer from the choices provided a b c d mark this and return
Business
1 answer:
Oksanka [162]1 year ago
7 0

Kaleb would need to wait 95 days to receive the APR he wanted.

<h3>What do mean by loan?</h3>
  • A loan is the lending of money by one or more people, businesses, or other entities to other people, businesses, or other entities.
  • The recipient, or borrower, incurs a debt and is often responsible for both the main amount borrowed as well as interest payments on the debt until it is repaid.
  • The promissory note used to prove the obligation will typically include information like the principal amount borrowed, the interest rate the lender is charging, and the due date for repayment.
<h3>What is interest?</h3>
  • In the fields of finance and economics, interest is the payment made at a set rate by a borrower or deposit-taking financial institution to a lender or depositor in excess of the principal amount (the amount borrowed).
  • It is not the same as a fee that the borrower might pay to the lender or another entity.
  • It also differs from a dividend, which is money given to shareholders (owners) by a company from its profit or reserve, but not at a set rate predetermined in advance, but rather on a pro rata basis as a share of the reward received by risk-taking businesspeople when revenue is earned that exceeds all costs.

Learn more about loan here:

brainly.com/question/11794123

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