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3 years ago

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.

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Public opinion in the large city of Bedrock is that 60 percent of the residents are in favor of increasing taxes to fund alterna

uysha [10]

Answer: 0.8461

Step-by-step explanation:

Let p be the proportion of residents are against the increase of taxes to fund alternatives to drug addiction treatment.

As per given , we have p=0.40

A random sample is taken with size : n= 400

Expecting sample proportion : $\hat{p}=\dfrac{150}{400}=0.375$

Now , the probability that more than 150 of the residents surveyed will be against increasing taxes if a random sample of 400 residents are surveyed will be :

$P(p>0.375)=P(\dfrac{\hat{p}-p}{\sqrt{\dfrac{p(1-p)}{n}}}>\dfrac{0.375-0.40}{\sqrt{\dfrac{0.40(0.60)}{400}}})$

$=P(z>\dfrac{0.375-0.40}{\sqrt{\dfrac{0.40(0.60)}{400}}})\ \ [\because\ z=\dfrac{\hat{p}-p}{\sqrt{\dfrac{p(1-p)}{n}}}]$

$=P(z>-1.02)=P(z-z)=P(Z$

$\approx0.8461$ [By z-table]

Hence, the approximate probability that more than 150 of the residents surveyed will be against increasing taxes if a random sample of 400 residents are surveyed is 0.8461 .

4 0

3 years ago

Could someone help me?<br> solve for x

Molodets [167]

$5x+2 =42 \\\\$

minus 2 each side.

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then divide

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2 years ago

If y varies directly as x^2 and y=12 when x=2, find y when x=5

Shkiper50 [21]

$y=ax^2\\\\y=12\ \ \ and\ \ \ x=2\ \ \ \Rightarrow\ \ \ 12=a\cdot 2^2\ \ \ \Rightarrow\ \ \ a= \frac{4}{12}= \frac{1}{3} \\\\y=\frac{1}{3} x^2\\\\x=5\ \ \ \Rightarrow\ \ \ y=\frac{1}{3} \cdot5^2=\frac{25}{3} =8\frac{1}{3}$

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Oksi-84 [34.3K]

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3 years ago

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zmey [24]

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2 years ago