Payday loans are very short-term loans that charge very high interest rates. You can borrow $250 today and repay $325 in two weeks. What is the compounded annual rate implied by this 30 percent rate charged for only two weeks? (Hint: Compound the 2-week return 26 times for the annual return.)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Payday loans are very short-term loans that charge very high interest rates. You can borrow $250 today and repay $325 in two weeks. What is ...” 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
Researcher wants to conduct a secondary analysis using a centers for disease control and prevention (cdc) database that was collected by the agency solely for surveillance purposes from 1996-2006.
Answers (2)
After you send in your FASFA form, what will you receive back
Answers (2)
What responsibilities does the team leader have in a collaborative project such as designing a formal report
Answers (2)
Your company gives you the option of receiving your salary at the beginning of each month or at the end of each month. which option should you choose?
Answers (1)
You have 2500 square feet for selling space. You want to reserve at least 125 square feet for each product category you will carryovers 30% of the space will be used for aisles. How many categories can you carry?
Answers (1)
New Questions in Business
What payment type is best if you are trying to stick a budget
Answers (2)
For each of the following transactions of Spotlighter, Inc., for the month of January, indicate the accounts, amounts, and direction of the effects on the accounting equation. A sample is provided.
Answers (1)
Do you think it's necessary to have a love of sports to work in the Sports Industry?
Answers (2)
Aliyah earned a $6,000 bonus from her sales job for exceeding her sales goals. after paying taxes at a 30% rate, she invested the remaining money in two stocks.
Answers (1)
6. What is the correct way to punctuate the bold portion of this quotation? "Excuse me," the usher whispered I think you are sitting in the wrong seats." A. whispered. "I B. whispered", I C. whispered". I D. whispered" I
Answers (1)