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A payday loan company charges 4 percent interest for a two week period what would be the annual interest rate?
That is dirt cheap. I used to charge 30% interest for a 2 week loan. If it is 4% interest per 2 weeks, then how many weeks in a year? 52? Yes? divided by 2 weeks is? 26? Yes? Then 4 times 26 is ? 104% interest. That is dirt cheap. Most payday loans charge 1000% at least or they will not make any money. What they do is charge an administrative fee on top of the loan to cover all the silly little defaulters. Kind of like insurance. It is more expensive with more people defaulting.
What else can I help you with?
Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?
1.5 or 1.50
Investing 450.00 at 3.5 percent annual interest or 400.00 at 4.5 percent annual interest What is the difference in the amount of interest that could be earned?
2.25
Bens 1000 bond earns 7.5 percent in annual interest What is the annual interest?
75
What is prime APR?
APR stands for Annual Percentage Rate or percentage of interest a company charges you on a 12 month basis for a balance on their card.
What is the annual opportunity cost of a checking account that requires a 500 minimum balance to avoid service charges. Assume an interest rate of 3 percent?
15.00
Calculate the monthly interest rate on a credit card that charges 18 percent annual interest?
1.5 or 1.50
Investing 450.00 at 3.5 percent annual interest or 400.00 at 4.5 percent annual interest What is the difference in the amount of interest that could be earned?
2.25
If a company charges 1.5 percent monthly what is the annual percemtage rate?
If compounded, it is 1.01512 - 1 = 0.1956 approx or 19.6%
Bens 1000 bond earns 7.5 percent in annual interest What is the annual interest?
75
Earl's 1000 bond earns 6.2 percent in annual interest What is the annual interest?
62
What is prime APR?
APR stands for Annual Percentage Rate or percentage of interest a company charges you on a 12 month basis for a balance on their card.
Huey is thinking about investing 450.00 at 3.5 percent annual interest or 400.00 at 4.5 percent annual interest What is the difference in the amount of interest Huey could earn?
2.25
What is the annual opportunity cost of a checking account that requires a 500 minimum balance to avoid service charges. Assume an interest rate of 3 percent?
15.00
What is the simple interest for a loan with 500 principal 10 percent annual rate and a 2 year time period?
500 principal, 10 percent annual rate => 50 annual interest 2 year => 100 total interest.
What is the annual opportunity cost of a checking account with a 6.5 percent interest rate that requires a 350.00 minimum balance to avoid service charges?
$350 * 6.5% = $22.75
What is the monthly interest rate if the annual interest rate is 18 percent?
1.5% monthly
What is the effective annual rate of 8 percent interest that is compounded monthly?
0.67 percent
