Payday loans provide short-term financing to low-income Seattle residents. Typically, a $200 two- week loan will...

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Payday loans provide short-term financing to low-income Seattle residents. Typically, a $200 two- week loan will cost $25 in interest. Estimate the local interest rate. 2. King County has a $3 million credit line with Alaska Credit Union at a 9% annual interest rate. In 2022, the County borrowed from this line as follows: May 1st: a $1,123,000 drawdown, repaid on May 15th May 4th. a $150,000 drawdown, repaid on May 30th June 2nd. a $2,500,000 drawdown, repaid in June 12th Estimate the total interest paid to Alaska Credit Union. Payday loans provide short-term financing to low-income Seattle residents. Typically, a $200 two- week loan will cost $25 in interest. Estimate the local interest rate. 2. King County has a $3 million credit line with Alaska Credit Union at a 9% annual interest rate. In 2022, the County borrowed from this line as follows: May 1st: a $1,123,000 drawdown, repaid on May 15th May 4th. a $150,000 drawdown, repaid on May 30th June 2nd. a $2,500,000 drawdown, repaid in June 12th Estimate the total interest paid to Alaska Credit Union.

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To estimate the local interest rate for the payday loans in Seattle we can use the formula for simpl... View the full answer