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Which will have a higher effective interest rate a payday loan for 2300 due in 15 days with a fee of 120 or a payday loan for 2300 due in 13 days with a fee of 120?
To determine the effective interest rate, you can calculate the fee as a percentage of the loan amount and annualize it based on the loan duration. For the first loan, the fee of $120 on a $2300 loan over 15 days results in a higher effective interest rate compared to the second loan with the same fee but a shorter duration of 13 days. Since the second loan has a shorter repayment period, it will yield a higher effective interest rate when annualized. Therefore, the payday loan due in 13 days will have a higher effective interest rate.
How can I convert an annual rate to a monthly rate?
To convert an annual rate to a monthly rate, divide the annual rate by 12. This will give you the equivalent monthly rate.
Are interest rate and rate of return the same?
Yes, the interest rate and rate of return are exactly the same.
What is the monthly interest rate for fixed rate bonds?
The monthly interest rate for fixed rate bonds is the annual interest rate divided by 12.
What is Difference between Base Rate and prime rate?
The prime rate is the rate at which the central bank lends to the commercial banks whiles the base rate is the rate at which the commercial banks lend to the public
How do you annualize stats?
How do I annualize 2 basis points 0.020% computed monthly on the av MMDA Deposits?
How do you annualize 35000 for 11 months?
38181.82
Why annualize staffing?
It is a good idea to annualize staffing because it helps you make predictions about the current staffing using previous years. It is also useful for figuring out the amount of money you need for payroll.
How can one effectively annualize daily returns?
To effectively annualize daily returns, you can multiply the average daily return by the number of trading days in a year. This will give you an estimate of the annual return based on the daily returns.
How much money do you need to annualize 24.000 a year at 4 percent for 25 years?
To find out how much money you need to invest to annualize $24,000 a year at a 4% interest rate for 25 years, you can use the formula for the present value of an annuity. The formula is (PV = PMT \times \frac{1 - (1 + r)^{-n}}{r}), where (PMT) is the annual payment ($24,000), (r) is the interest rate (0.04), and (n) is the number of years (25). Plugging in the values, you would need approximately $426,449.47 to achieve this.
How can you annualize sales figures from five months of actual sales history?
In order to annualize the sales figure, take your sales for the past five months and multiply it by 12/5. The general formula looks like this: Earnings X 12/(# of months your earnings figure is based on)
How can one accurately annualize daily returns in financial analysis?
To accurately annualize daily returns in financial analysis, you can use the formula: Annualized Return (1 Daily Return) 252 - 1. This formula takes into account the compounding effect of daily returns over a year, assuming there are 252 trading days in a year.
How do you annualize prorated premium?
To annualize a prorated premium, you first determine the total premium for the full policy term and then divide it by the number of months covered by the prorated amount. Multiply the resulting monthly premium by 12 to convert it into an annual figure. This method gives you the equivalent annual premium based on the prorated amount, allowing for an accurate comparison with other policy options.
Which will have a higher effective interest rate a payday loan for 2300 due in 15 days with a fee of 120 or a payday loan for 2300 due in 13 days with a fee of 120?
To determine the effective interest rate, you can calculate the fee as a percentage of the loan amount and annualize it based on the loan duration. For the first loan, the fee of $120 on a $2300 loan over 15 days results in a higher effective interest rate compared to the second loan with the same fee but a shorter duration of 13 days. Since the second loan has a shorter repayment period, it will yield a higher effective interest rate when annualized. Therefore, the payday loan due in 13 days will have a higher effective interest rate.
What is the rate of a rate?
The rate of a rate is 100
What is a rate of a rate?
The rate of a rate is 100
How are your breathing rate and pulse rate related?
The breathing rate and pulse rate are related proportionally. If the breathing rate increases, so does the pulse rate. The pulse rate is an indication of the breathing rate.
