Question: A customer obtains a $ 4 0 0 loan for a 1 4 - day period, from a payday loan company and will pay $

A customer obtains a $400 loan for a 14-day period, from a payday loan company and will pay $90 in interest. What is the approximate Annual Percentage Rate (APR)?
Question 4 options:
22%
82%
235%
358%
586%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

Q:

The first image is the original question and the following images are the answer choices for each box Question 4 1 pts Your company obtains a short term loan on September 1st, 2019 to cover costs to...

Q:

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company...

Q:

1 You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the...

Q:

Answer correctly.,,, Question 1 From Apple Inc. form 10k ( 10-K reports on SEC.GOV and most recent two years report should be used for some ratio analysis ) On which financial statement do you find...

Q:

Trying to solve the below problem from the link- DATA available from the link below please. PLEASE REFER TO THE COMPLETE QUESTION IN THE BELOW CHEGG LINK.....

Q:

financial accounting thank you so much! Question 4 (1 point) If a company determines that they will no longer be able to collect an account receivable, then this account receivable will be "written...

Q:

Read the WSJ article carefully, and answer the following questions based on what you have learned about dividend policy. Please use your words, explain intuitively. Article #1: Negative Interest...

Q:

Read the WSJ article carefully, and answer the following questions based on what you have learned about dividend policy. Please use your words, explain intuitively. Article #1: Negative Interest...

Q:

1. A corporation seeking to buy its securities that already issued would most likely A. conduct an IPO with the assistance of an investment banker. B. engage in a secondary market buy of equity. C....

Q:

1. A corporation seeking to buy its securities that already issued would most likely A. conduct an IPO with the assistance of an investment banker. B. engage in a secondary market buy of equity. C....

Q:

A proton and a negatively charged meson (called a muon) can form a short-lived species called a mesonic atom. The charge of a muon is the same as that on an electron and the mass of a muon is 207...

Q:

Nuclei with an even number of protons and an even number of neutrons are more stable than those with an odd number of protons and/or an odd number of neutrons. What is the significance of the even...

Q:

Question 1 1 pts What is the area of the Office Carpet Trim? 3 5 6 . 5 0 SF 3 6 6 . 5 0 SF 3 7 6 . 5 0 SF 4 6 6 . 5 0 SF

Q:

Pharoah Company reported the following amounts for 2022: Raw materials purchased $95,200 Beginning raw materials inventory 5,824 Ending raw materials inventory 5,040 Beginning finished goods...