QuickHelper

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About QuickHelper

Levels Tought:
Elementary,High School,College,University,PHD

Expertise:
Accounting,Applied Sciences See all
Accounting,Applied Sciences,Business & Finance,Chemistry,Engineering,Health & Medical Hide all
Teaching Since: May 2017
Last Sign in: 353 Weeks Ago, 2 Days Ago
Questions Answered: 20103
Tutorials Posted: 20155

Education

  • MBA, PHD
    Phoniex
    Jul-2007 - Jun-2012

Experience

  • Corportae Manager
    ChevronTexaco Corporation
    Feb-2009 - Nov-2016

Category > Business & Finance Posted 01 Jun 2017 My Price 12.00

Belinda needs $2400 fast.

Question description

 

 

Belinda needs $2400 fast. She has the option of borrowing the $2400 for 5 days at an APR of 500% or borrowing the $2400 for 5 days with a fee of $180. She realizes that neither scenario is very good, but she wants to choose the option that is best for her. Help Belinda decide which is the "better" deal. (5 points: Part I -1 point; Part II - 1 point; Part III - 1 point; Part IV - 1 point; Part V - 1 point)

Part I: What is the length of the period of the $2400 loan for 5 days for a fee of $180?

 

Part II: What is the number of periods for 1 year?



Part III: What is the periodic interest rate of the $2400 loan for 5 days for a fee of $180?

  
Part IV: What is the APR of the $2400 loan for 5 days for a fee of $180?

Part V: Which is the "better" deal: borrowing the $2400 for 5 days at an APR of 500% or borrowing the $2400 for 5 days with a fee of $180?

Answers

QuickHelper
(10)
Status NEW Posted 01 Jun 2017 12:06 PM My Price 12.00

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