Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?
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Joshua borrowed $800 for one year and paid $40 in interest. The bank charged him a service charge of $7. If Joshua paid the $800 in 12 equal monthly payments, what is the APR?
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- Joshua borrowed $1,400 for one year and paid $70 in interest. The bank charged him a service charge of $12. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.) APRJoshua borrowed $500 for one year and paid $50 in interest. The bank charged him a service charge of $5. If Joshua repaid the loan in 12 equal monthly payments, what is the APR? (Enter your answer as a percent rounded to 1 decimal place.)Dave borrowed $1,300 on January 1, 2022. The bank charged him a $5.00 service charge, and interest was $78.20. If Dave paid the $1,300 in 12 equal monthly payments, what was the APR?
- Nick borrowed $6000 for 24 months from his bank using an 11 and a 1/2 percent discount note. A. How much interest did Nick pay the bank for the use of the money? B. How much did he receive from the bank?Jack has borrowed money from his financial institution, and has agreed to pay $200 at the end of each month for six years. The bank charges interest on the loan at 6.6% compounded quarterly. How much did Jack borrow? How much is the cost of financing (The amount of interest to be paid)?Please help me answer the following time value of money question. Edison borrowed $10,000 from the Niederriter Loan Company. He has to pay off the loan in 36 monthly payments of $500. What interest rate is he being charged?
- Frank borrowed $200 from a lender that charged simple interest at an annual rate of 9%. When Frank paid off the loan, he paid $108 in interest. How long was the loan for, in years?Carol borrowed $5,200 and signed a straight note with an interest rate of 7% per annum. If she paid $1125 in interest during the term of the note, What was the term of the note?Mr. Joe pays $2068 a month for the loan he took from a bank. If the total payment period is 3 years and the interest rate is 29% per year compounded monthly. Determine the amount of loan Mr Joe took?
- Josh borrowed $500 for 1 year and paid $50 in interest. The bank charged a $5 service charge. What is the finance charge on this loan?John borrows $700 from a bank. He promises to pay $749 in 1 year's time. How much interest is john being charged by the bank?David held a loan of $2,400 for 6 months and was charged interest of $132.00. What was the annual simple interest rate on this loan?