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11-11-2022
Mathematics

Answered

e. What is the finance charge for a $7,000 two-year loan with a 6% APR?
8. Garth had unexpected expenses this month and didn't have enough in his saving
account to pay the rent of $600. He went to Loanshark Larry's to borrow the money until
his next paycheck 15 days from now. Larry charges $100 interest for the 15 days. What is
the APR for this payday loan?
Payday APR =
Loan interest
Loan amount
Loan length in days
365
× 100

e What is the finance charge for a 7000 twoyear loan with a 6 APR 8 Garth had unexpected expenses this month and didnt have enough in his saving account to pay class=

Answer :

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