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Natali5045456 [20]
3 years ago
6

Bob hasn't been managing his finances very well and is in need of an emergency loan to pay rent. On July 10, he goes to Cash4U f

or a payday loan and borrows $500. Bob writes a postdated check for $555 which Cash4U will cash 6 days later on July 16. What is Bob's APR on his $500 loan?
Business
1 answer:
Andrei [34K]3 years ago
3 0

Answer:

APR = 669.17%

Explanation:

Cash 4U is charging $55 in interest for 6 days, that means it is charging Bob $9.17 in interest per day which is equivalent to 1.8333% daily interest. If we want to determine the APR we just have to multiply the daily interest by 365 days = 1.8333% per day x 365 days = 669.17%

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Answer:

The answer is 1.8407.

Explanation:

To calculate interest rate for 228 days we will first calculate daily rate and than put value in compounding rate formula.

Daily interest rate = 2.92%/365 = 0.008 %

Interest rate 228 = (1+I%)^n -1

Interest rate 228 = (1+0.008%)^228-1  = 1.8407%

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It will take 50 months to complete the payment on his entire balance

Explanation:

We have to solve for n in an annuity:

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time n

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20 \times \frac{1-(1+0.00127)^{-n} }{0.00127} = 969.16\\  

(1+0.00127)^{-n}= 1-\frac{969.16\times0.00127}{20}  

(1+0.00127)^{-n}= 0.93845834


Now, we use logarithmics properties to get the answer:

[tex]-n= \frac{log0.93845834}{log(1+0.00127)  

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The E stands for Evaluate

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