Question 35Mary, a recent Western Washington University graduate, applies for and receives afive-year loan through Kent Lending, LLC for $10,000 at 29% APR. If the loanagreement violates the applicable usury statute, Mary may be able to keep:O Any of the answer choices are possible, depending on where the loan was made.the interest that exceeds the usury limit.O the interest and the $5,000.O all of the interest on the loan.Next

The answer has been mentioned below.

Answered: y, a recent Western Washington -year…

Personal Finance

13th Edition

ISBN:9781337669214

Author:GARMAN

Publisher:GARMAN

Chapter7: Credit Cards And Consumer Loans

Section: Chapter Questions

Problem 6DTM

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Question 1 To pay the remainder of his student loan, Tran borrows $3500 from his at an interest of 3.5% per year, compounded semi-annually. His parents would like the lone to be paid in full in 3 years. How much interest will Tran pay to his parents? Question 1 options: a) $350.00 b) $383.96 c) $410.00 d) $400.00
9. Implied interest rate and period Consider the case of the following annuities, and the need to compute either their expected rate of return or duration. Jacob needed money for some unexpected expenses, so he borrowed $2,138.41 from a friend and agreed to repay the loan in three equal installments of $800 at the end of each year. The agreement is offering an implied interest rate of . Jacob’s friend, Devan, wants to go to business school. While his father will share some of the expenses, Devan still needs to put in the rest on his own. But Devan has no money saved for it yet. According to his calculations, it will cost him $31,897 to complete the business program, including tuition, cost of living, and other expenses. He has decided to deposit $3,800 at the end of every year in a mutual fund, from which he expects to earn a fixed 6% rate of return. It will take approximately for Devan to save enough money to go to business school.
Q) On 1 February 2021, a parent made a long-term loan of £40 million to itssubsidiary. The interest on the loan is 8% per annum and is payable every sixmonths, starting 1 May, 2021. The year end is 30 April 2021. The groupfinance charges figure for the period is:a) Increased by £800,000b) Decreased by £800,000c) Increased by £3,200,000d) Decreased by £3,200,00 Which of the above option is correct and why

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y, a recent Western Washington -year loan through Kent Lending, eement violates the applicable usu Any of the answer choices are possible the interest that exceeds the usury lim