It took her 9 more months but Marina has managed to save the full $650 plus more to cover fees to pay off the pay-day loan company. However, she forgot to account for the interest that had been compounding over time. Considering it is now 275 days later, the remaining loan was $650 and the APR is 47% compounded daily, what is the total amount that Marina must now pay in order to pay off her the loan, accounting for interest?
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “It took her 9 more months but Marina has managed to save the full $650 plus more to cover fees to pay off the pay-day loan company. ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
In the solow growth model, a nation reaches its steady state equilibrium when
Answers (1)
What is "groupthink"? a. the practice by which companies enforce the same mode of thinking on all their employees b.
Answers (1)
DS Unlimited has the following transactions during August. August 6 Purchases 66 handheld game devices on account from GameGirl, Inc., for $180 each, terms 2/10, n/60.
Answers (1)
You are in a line at the bank drive-through and 3 cars are in front of you. You estimate that the clerk is taking about six minutes per car to serve. How long do you expect to wait in line?
Answers (1)
Services United is considering a new project that requires an initial cash investment of $78,000. The project will generate cash inflows of $29,500, $32,700, $18,500, and $10,000 over each of the next four years, respectively.
Answers (2)
New Questions in Business
At the beginning of 2016, Emily Corporation issued 24,000 shares of $100 par, 7%, cumulative, preferred stock for $110 per share. No dividends have been paid to preferred or common shareholders.
Answers (1)
Edwards Farm Products was unable to meet its financial obligations and was forced into using legal proceedings to restructure itself so that it could continue as a viable business. The process this company underwent is known as a:
Answers (1)
Cardwire Inc. has decided to lower the price of all its products to keep up with its competitors. To achieve this, the company needed to lower its overall costs.
Answers (1)
Jane has multiple managers at her retail job. It is company policy that customers cannot return items without a receipt, but sometimes managers will allow customers to receive store credit for their returns.
Answers (1)
Oakpark, Inc.'s $180,000 Accounts Receivable balance at December 31 consisted of $160,000 current balances and $20,000 past-due balances. At December 31, the Allowance for Doubtful Accounts had a credit balance of $1,600.
Answers (1)