Sal took out a 20-day payday loan from the Just Loans store. He borrowed $350 and is

Question:

Sal took out a 20-day payday loan from the Just Loans store. He borrowed $350 and is being charged $75 interest. What is the APR for this loan?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Algebra Advanced Algebra With Financial Applications

ISBN: 9781337271790

2nd Edition

Authors: Robert Gerver, Richard J. Sgroi

See More Books

Question Posted: Sep 13, 2022 01:26 AM

See More Questions

A payday loan company charges 4 percent interest for a two-week period. What would be the annual interest rate from that company?
This year, Chuck took out a loan to purchase some raw land for investment. He paid $40,000 for the land, and he expects that within 5 years the land will be worth at least $75,000. Chuck is married,...
A payday loan is structured to obscure the true interest rate you are paying. For example, in Washington, you pay a $30 "fee" for a two-week $200 payday loan (when you repay the loan, you pay $230)....
1.What is the difference between Router and firewall 2.What is Packet filtering router 3.What is Stateful inspection firewall 4.What is Circuit level firewall 5.What is Application level firewall...
What is a closed-end fund, and what is the closed-end fund puzzle?
1. The following additional information is available for the family of Albert and Allison Gaytor. In 2018, Albert received a Form W-2 from his employer, Coconut Grove Fishing Charters, Inc. (hint:...
Name the five activities that organizations need to engage in to improve business-IT alignment.
The following selected transactions were completed during April between Swan Company and Bird Company: Apr. 2. Swan Company sold merchandise on account to Bird Company, $32,000, terms FOB shipping...
Lampsom Products uses standard costs for their manufacturing division. The allocation base for overhead costs is direct labor hours. From the following data, calculate the fixed overhead cost...
The Ajax Company uses a portfolio approach to manage their research and development (R&D) projects. Ajax wants to keep a mix of projects to balance the expected return and risk profiles of their...
How many monthly payments must be made for a 2-year loan?
Jennifer did not pay her FlashCard bill in full in September. Her October bill showed a finance charge, and she wants to see whether or not it is correct. The average daily balance is $970.50, and...
Determine the target customer/market(s) that the vehicles in each of these ads would appeal to. In your post, give information about each target group. It could include information related to age,...
Graph the polynomial function g(x)=-x(x-1)(x+4)
The digits 1, 2, 3, 4, and 5 are randomly arranged to form a five-digit number. Complete parts (a) and (b) below. (a) Find the probability that the number is odd. The probability that the number is...
Y 3. Expand Y x ( % 1 ) ( 2 + 3 )
Express -121: -121 in terms of i: =1
Solve for y. 2-2+15=39
Is the relation 'is a two-sided inverse of' transitive? Reflexive? Symmetric?
Research an article from an online source, such as The Economist, Wall Street Journal, Journal of Economic Perspectives, American Journal of Agricultural Economics, or another academic journal. The...
If you find two significant main effects in a 2 6 factorial design, should you compute Tukeys post hoc comparisons for both main effects?
Explain the difference between a two-way ANOVA and a three-way ANOVA.
The cell means for two experiments appear next. Determine whether there are any effects of factor A, factor B, and A Ã B for each experiment. In addition, draw a graph representing the data...
You can afford a $250 per month car payment. You\'ve found a 5year loan at 5% interest. How big of a loan can you afford?
When Karina was 6 years old, her parents started depositing $1,200 every three months into an account in Bank Mitch that pays interest at the rate of 1.75%/year compounded quarterly until she gets...
The Blue Nile Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,560 for six months of advertising. Blue Nile Law Firm recorded $3,560 in the Prepaid...

Sal took out a 20-day payday loan from the Just Loans store. He borrowed $350 and is

Question:

Step by Step Answer:

Financial Algebra Advanced Algebra With Financial Applications

Students also viewed these Mathematics questions