SOLUTION: The end of the month has arrived and Marina was only able to save up $150 to pay off her pay-day loan of $900. This means she will have to delay payment on the remaining $750. Be
Algebra.Com
Question 1151431: The end of the month has arrived and Marina was only able to save up $150 to pay off her pay-day loan of $900. This means she will have to delay payment on the remaining $750. Besides the delayed payment fee that she is charged, she will now have to pay interest on the remaining amount. The APR (annual percentage rate) is 47%, but the interest is compounded daily.
What is the effective interest rate that Marina will actually be paying?
Answer by Theo(13342) (Show Source): You can put this solution on YOUR website!
this was answered previously.
here's the link to the answer.
https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1151432.html
RELATED QUESTIONS
Marina had an accident with her car and the repair bill came to $900. She didn’t have... (answered by Theo)
1.Marina had an accident with her car and the repair bill came to $800. She didn’t have... (answered by ikleyn)
It took her 9 more months but Marina has managed to save the full $750 plus more to cover (answered by Theo)
Marina had a car accident, and the repair bill came to $900. She didn't have any... (answered by Theo)
Marina had an accident with her car and the repair bill came to $900. She didn’t have... (answered by math_tutor2020)
shelly has a 13000 home equity loan that is charging her 4.25% interest. if she make... (answered by greenestamps)
When applying for a mortgage, find one that allows you to contribute more money than the... (answered by Theo)
Marina had an accident with her car and the repair bill came to $400. She didn’t have... (answered by Theo)
Angela wants to buy a house for R700 000.she has a deposit of R50000 she takes out a loan (answered by Theo)