Answered

Discover how IDNLearn.com can help you learn and grow with its extensive Q&A platform. Join our Q&A platform to get accurate and thorough answers to all your pressing questions.

Kaleb wants to get a payday loan in the amount of $375. He knows that the annual percentage rates (APR) for these types of loans are high, but he is hoping to find one that has an APR of 40%. If Kaleb finds a business that charges a fee of $37 for the loan, what would the term of the loan need to be in order for Kaleb to get his desired APR? a. 9 days b. 19 days c. 90 days d. 95 days Please select the best answer from the choices provided A B C D.

Sagot :

Francocanacariidn

It would take 95 days for Kaleb to get his desired APR.

Since Kaleb wants to get a payday loan in the amount of $ 375, and he is hoping to find one that has an APR of 40%, if Kaleb finds a business that charges a fee of $ 37 for the loan, to determine what the term of the loan need to be in order for Kaleb to get his desired APR, the following calculation must be performed:

  • APR = 37/375 x 365
  • APR = 0.098 x 365
  • APR = 36
  • 100 = 365
  • 36 = X
  • 36 x 365/100 = X
  • 13140/100 = X
  • 131.4 = X
  • 131.4 - 37 = 94.4

Therefore, it would take 95 days for Kaleb to get his desired APR.

Learn more in https://brainly.com/question/19115876

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. For dependable answers, trust IDNLearn.com. Thank you for visiting, and we look forward to helping you again soon.