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Ostrovityanka [42]
3 years ago
11

How is the interest rate on a payday loan calculated?

Mathematics
2 answers:
postnew [5]3 years ago
4 0

Answer:

b. total fees divided by loan amount

Step-by-step explanation:

The interest rate on a payday loan is usually calculated by dividing the total fees accrued in the loan repayment calculation by the exact loan amount.

Doing this will result in determining the interest rate used in a loan and it’s usually important to ensure accountability and also making sure the exact rate contained in the Loan application agreement Is the same as what is used later on.

snow_lady [41]3 years ago
3 0

Answer:

b. total fees divided by loan amount

Step-by-step explanation:

The interest rate on a payday loan is usually calculated by dividing the total fees accrued in the loan repayment calculation by the exact loan amount.

Doing this will result in determining the interest rate used in a loan and it’s usually important to ensure accountability and also making sure the exact rate contained in the Loan application agreement Is the same as what is used later on.

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Dafna11 [192]

Answer:

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Step-by-step explanation:

i hope this helps :)

5 0
3 years ago
Read 2 more answers
Mickey tosses a coin 50 times and records 27 heads. Based on these results, what is the probability if
JulijaS [17]

The probability of getting three tails in three tosses When Mickey tosses a coin 50 times and records 27 heads is 12,167:125,000.

<h3>What is probability of an event?</h3>

It is the ratio in an event of the number of favorable outcome to the total number of outcome of that event.

As the probability of an event can not be more than the number 1. Thus, he probability of failure of a event is equal to the difference of the 1 to the success of the event.

Mickey tosses a coin 50 times and records 27 heads. Thus, the probability of getting a head is,

P=\dfrac{27}{50}\\

The probability of not getting a head or getting a tail is,

P^{-1}=1-\dfrac{27}{50}\\P^{-1}=\dfrac{50-27}{50}\\P^{-1}=\dfrac{23}{50}

Now, Mickey tosses the same coin three more times. The probability of getting three tails in these tosses are,

P_{3t}=\dfrac{23}{50}\times\dfrac{23}{50}\times\dfrac{23}{50}\\P_{3t}=\dfrac{12167}{125000}

Thus, the probability of getting three tails in three tosses When Mickey tosses a coin 50 times and records 27 heads is 12,167:125,000.

Learn more about the probability here;

brainly.com/question/24756209

#SPJ1

4 0
2 years ago
Solve the equation 4(x-5)=2x-14
Ganezh [65]
4x-20=2x-14
-2x. -2x
2x-20=14
+20 +20
2x= 34
— —
2 2
X=17



Therefore x=17
5 0
4 years ago
Read 2 more answers
If the interest rate on a savings account is 0.018%, approximately how much money do you need to keep in this account for 1 year
Diano4ka-milaya [45]
<span>We are not told how often the interest is compounded, so assuming it is <em /><u><em>compounded yearly</em></u>, you need to keep $9.99 in the account to pay the fee.

<u><em>Explanation: </em></u>
Compound interest follows the formula A=p(1+r)^t,
where:
A is the total amount in the account,
p is the amount of principal,
r is the interest rate as a decimal number,
and t is the number of years.

<u>For our problem: </u>
A = 9.99,
p is unknown,
r = 0.018% = 0.00018,
and t=1.

<u>This gives us: </u>
9.99=p(1+0.00018)^1;
9.99=p(1.00018).

<u>Divide both sides by 1.00018: </u>
9.99=p.</span>
3 0
3 years ago
Read 2 more answers
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