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Mathematics Clinic => Other Maths => Topic started by: ereecah on May 5, 2020

Title: A bank offers a 3% annual interest rate compounded monthly. The periodic interest rate is
Post by: ereecah on May 5, 2020

Question 1

CashNow is a payday loan company that offers quick, short-term loans using the borrower's future paychecks as collateral. CashNow charges $50 for each $250 loaned for a term of 28 days. Find the APR charged by CashNow. Round your answer to the nearest hundredth of a percent.
◦ 2.60%
◦ 26.07%
◦ 126.07%
◦ 260.71%
◦ 226.07%

Question 2

A bank offers a 3% annual interest rate compounded monthly. The periodic interest rate is
◦ 0.0025%.
◦ 0.05%.
◦ 0.25%.
◦ 0.025%.
◦ none of these

Title: A bank offers a 3% annual interest rate compounded monthly. The periodic interest rate is
Post by: cici on May 5, 2020

Answer 1

260.71%

Answer 2

0.25%.

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