Define and describe a payday loan. What is the maximum interest rate that can be charged on

Question:

Define and describe a payday loan. What is the maximum interest rate that can be charged on a consumer loan?

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

Step by Step Answer:

Related Book For answer-question

Personal Finance

ISBN: 978-0134724713

4th Canadian edition

Authors: Jeff Madura, Hardeep Singh Gill

See More Books

Question Posted: May 23, 2019 12:08 PM

See More Questions

How do you determine the real cost of borrowing on personal loans?
What are the potentially negative impacts a borrower may experience because of the interest-only payments and variable interest rates associated with a HELOC?
How many days would it take for Shelbys investment of $4300 to accrue $147 in interest if she is able to earn a rate of 1.25 percent?
On September 30, 2021, Antagonia Real Estate Limited's general ledger showed the following balances: Accounts payable Accounts receivable Advertising expenses Cash Common shares Income tax expense...
How long will it take the population of Problems 5 to triple? In problem 5 A bacterial population grows at a rate proportional to its size. Initially, it is 10000, and after 10days it is 20000. What...
In 1990, the Intergovernmental Panel on Climate Change (IPCC) predicted that the average temperature on Earth would rise 0.3C per decade in the absence of international controls on greenhouse...
Explain several implications of IFRS on financial reporting by health care organizations.
1. Describe the situation at Lehman Brothers from an ethics perspective. Whats your opinion of what happened here? 2. What was the culture at Lehman Brothers like? How did this culture contribute to...
A psychrometer has a dry-bulb reading of 90F and a wet-bulb reading of 60F. Find each of the following measurements. (Use the data in this table as necessary.) (a) relative humidity (Enter your...
1. Johnathan is an accountant who works for Reading Railroad Ltd, which is a public company. He earns $80000 in wages during the 2020 year. His employer withheld $2,732 of CPP from his pay cheques,...
Define and describe collateral. When obtaining a loan, what is the benefit of providing collateral?
Differentiate between a home equity line of credit (HELOC) and home equity. Describe how a HELOC works.
What would be the firm's expected dollar cost of granting discounts under the new policy?
Patrick is entitled to receive monthly payments of $1,500 over his life from his employer's qualified pension plan or he can take $1,300 monthly over his life and the life of his wife. The payments...
Suppose you take out a 20-year mortgage for a house that costs $472858. Assume the following: The annual interest rate on the mortgage is 4%. The bank requires a minimum down payment of 20% at the...
Benjamin Company produces products C, J, and R from a joint production process. Each product may be sold at the split-off point or processed further. Joint production costs of $95,000 per year are...
On January 1, 2019 company A issues a $1,500,000 of 10% bonds due in 10 years with interest payable at year end annually. The current market rate of interest bonds of similar risk is 8% A) What...
2. Write a Java program that consists of a definition for a public class called Neighbours. This should have one constructor, which takes a string[] as its parameter. The constructor should use a...
Consider the following hypothetical data for the U.S. economy in 2020 (all amounts are in trillions of dollars). Consumption ...................................... 11.0 Indirect business taxes...
Assessing simultaneous changes in CVP relationships Braun Corporation sells hammocks; variable costs are $75 each, and the hammocks are sold for $125 each. Braun incurs $240,000 of fixed operating...
1. Explain the purpose and value of a lease for both the renter and the landlord. 2. Distinguish between periodic tenancy and tenancy for a specific time when renting housing. 3. Identify three ways...
1. What is the standard down payment amount on a mortgage loan? 2. If you make a down payment that is lower than standard, identify the extra cost you will be required to pay. 3. Why do lenders use...
1. Distinguish between the two rules of thumb that lenders use to assess housing affordability. 2. What services does a mortgage broker offer? 3. What services do real estate agents provide for...
Considering the financial system requirement, it was decided that company will use MYOB to handle company's finances. Write an email to the manager (trainer/assessor) requesting the equipment,...
Positioning Using the options below, create a positioning statement that accurately communicates the product's place in the market. As you create the positioning statement, there are a few things you...
What non-financial considerations do you think are necessary 1 Quality control issues 2 Inherent issues of the location where the 3rd party might be I 3 Language and cultural barriers 4 Finding the...

Define and describe a payday loan. What is the maximum interest rate that can be charged on

Question:

Step by Step Answer:

A payday loan is a shortterm loan provided in advance of rec...View the full answer

Personal Finance

Students also viewed these Business questions