Question

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

Answer 1

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

What do mean by loan?

• 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.

What is interest?

• 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.

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