What is the effective rate of a $25,000 interest-bearing simple discount 10%, 90-day note?
Friendlys quick loans, inc., offers you $4.00 for $5.00 or i knock on your door. this means you get $4.00 today and repay $5.00 when you get your paycheck in one week (or else). if you were brave enough to ask, what apr would friendlys say you were paying
The APR for borrowing $4.00 and repaying $5.00 after one week is 1300%, calculated by converting the 25% weekly interest rate to an annual rate by multiplying it by the number of weeks in a year.
To compute the Annual Percentage Rate (APR) for the scenario presented where you receive $4.00 today and repay $5.00 in one week, you need to consider the interest rate over the course of a year. First, calculate the weekly interest rate by taking the interest amount of $1.00 (which is $5.00 - $4.00) and dividing it by the principal amount of $4.00, which gives you 0.25 or 25%. As there are 52 weeks in a year, multiplying the weekly rate by 52 gives the APR:
0.25 x 52 = 13
So, the APR charged by Friendly's Quick Loans, Inc., in this case, would be 1300%.
This is an extremely high rate and is indicative of practices typically associated with payday loans, which are known for their exorbitant interest rates.
Employers in every profession look for core qualities in people that will help them be good, successful workers.
The cost of financing the national debt (in terms of average interest rate paid on the debt) has generally _____ over the last 30 years.
a) fluctuated wildly
b) risen
c) fallen
d) stayed the same
The average interest rate paid on the national debt has generally fallen over the last 30 years. The U.S. unemployment rate has fluctuated without a clear long-term upward or downward trend. U.S. federal government spending and taxes have both seen an upward trend in recent decades.
Explanation:The cost of financing the national debt, in terms of the average interest rate paid on the debt, has generally fallen over the last 30 years. While there have been fluctuations, the overall trend has been downward due to factors such as deliberate monetary policy actions and global financial market conditions. It's important to note, however, that interest rates can at times rise due to various economic factors, including inflationary pressures and fiscal policy decisions.
Concerning the U.S. unemployment rate over the long term, it has neither trended significantly up nor down, but has instead experienced periods of both increases and decreases corresponding to economic cycles. Similarly, life expectancy rates in the U.S. have overall continued to gradually rise, although momentarily influenced by events such as pandemics or military conflicts.
Regarding the spending and taxes of the U.S. federal government, there has been a general upward trend in the last few decades. This reflects increases in government obligations, such as social programs and health care, as well as changes in tax policies in response to the needs of the country.
Which of the following is true? A. Checks and Debit Cards both withdraw money directly from a bank account. B.Debit cards offer the highest level of fraud protection. C.Checks are the most widely accepted form of payment
D.Debit Cards often have a higher interest rate than Credit Cards.