Explain the difference between a 10 percent interest rate charged on a payday loan and a 10

Question:

Explain the difference between a 10 percent interest rate charged on a payday loan and a 10 percent interest rate charged by a bank on a personal loan.

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

Step by Step Answer:

Related Book For book-img-for-question

Personal Finance

ISBN: 978-0134040042

3rd Canadian Edition

Authors: Jeff Madura, Hardeep Singh Gill

See More Books

Question Posted: Dec 02, 2015 04:09 AM

See More Questions

Explain the difference between a 10% rate charged on a payday loan and a 10% rate charged by a bank on a personal loan.
Explain the difference between a loan and a bond.
Explain the difference between a fixed and a variable cost. How do these concepts change as the time horizon lengthens? In other words, are the same things fixed over a five-year planning period that...
E. Blood Flow Through the Kidneys Trace blood flow through the kidneys. Start at the renal artery and number the blood vessels in sequence. afferent arteriole arcuate artery arcuate vein efferent...
Do you think data provided by government sources such as Statistics Canada are completely accurate and reliable? Do some research to see if your answer is correct?
A hydraulic lift in a garage has two pistons: a small one of cross-sectional area 4.00 cm2 and a large one of cross-sectional area 250 cm2. (a) If this lift is designed to raise a 3500-kg car, what...
An investor has utility function $U(x)=x^{1 / 4}$ for salary. He has a new job offer which pays $\$ 80,000$ with a bonus. The bonus will be $\$ 0, \$ 10,000, \$ 20,000$, $\$ 30,000, \$ 40,000, \$...
Suppose the interest rate (on an annual basis) on three-month Treasury bills is ten percent in London and six percent in New York, and the spot rate of the pound is $2. a. How can a U.S. investor...
Question: L MAX (X.XXXXX)L MIN (X.XXXXX)AM MAX (X.XXXXX)AM MIN (X.XXXXX)A L MAX ( X . XXXXX ) L MIN ( X . XXXXX ) AM MAX ( X . XXXXX ) AM MIN ( X . XXXXX ) A L MAX (X.XXXXX) L MIN (X.XXXXX) M MAX...
Shelby Shelving is a small company that manufactures two types of shelves for grocery stores. Model S is the standard model; model Lx is a heavy-duty version. Shelves are manufactured in three major...
What information is included in a loan contract? How is the amount of the loan determined? Discuss.
What are the advantages and disadvantages of leasing? Give some advice to someone considering leasing.
What are some features of arthropods?
Get the WSDL for some SOAP-style Web Service and choose an operation. In the messages that implement that operation, identify the fields.
The POP3 Post Office Protocol only allows a client to retrieve email, using a password for authentication. Traditionally, to send email, a client would simply send it to its server and expect that it...
If a complex infrastructural project has been implemented in three different phases with three different financing decisions, would you carry out three different ex-post CBA for each of the phases or...
What is the difference between sensitivity and risk analysis?
In how many ways can a three-member committee be chosen from a group of 12 people?
Repeat Problem 9.54 for a closed feedwater heater where the extraction steam is pumped to the boiler pressure before being combined with the condenser feedwater, as shown in Fig. 9.18. Assume...
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $1,000, and the stated rate of interest is 13%, compounded annually. The 13% rate is equal to...
What is a capital asset? Under what circumstances would you incur a capital gain on a capital asset?
Which level of government collects property taxes?
Describe the different ways in which a taxpayer may file their tax return.
es Tech Solutions computes its predetermined overhead rate annually on the basis of direct labor-hours. At the beginning of the year, it estimated that 100,000 direct labor-hours would be required...
On June 30, Sharper Corporation's stockholders' equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50% stock...
Hubs Sprockets Direct Labor-Hours per Unit Annual Production 0.50 29,000 units 0.10 57,000 units Additional Information about the company follows: a. Hubs require $27 in direct materials per unit,...

Explain the difference between a 10 percent interest rate charged on a payday loan and a 10

Question:

Step by Step Answer:

The 10 rate charged by a bank is the annual rate The amount you pay will ...View the full answer

Personal Finance

Students also viewed these Corporate Finance questions